Oil States Acquires Three Drilling Rigs in West Texas
Oil States International, Inc. reported that its land drilling subsidiary, Capstar Drilling, L.P., acquired three land drilling rigs in the Permian Basin for total consideration of $14.0 million. The rigs are new or newly refurbished and are consistent in design and operation with the Company's existing drilling rig fleet. The acquisition was principally financed with funds available under Oil States' existing credit facility.
"These rig additions represent our commitment to growing the Company and expanding our presence in key resource plays in the U.S.," stated Douglas E. Swanson, Oil States' Chief Executive Officer. "This acquisition in the Permian Basin allows us to immediately serve customer needs and capitalize on current market dynamics."
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading manufacturer of products for deepwater production facilities and subsea pipelines, and a leading supplier of a broad range of services to the oil and gas industry, including production-related rental tools, work force accommodations and logistics, oil country tubular goods distribution and land drilling services. Oil States is organized in three business segments - Offshore Products, Tubular Services and Well Site Services, and is publicly traded on the New York Stock Exchange under the symbol OIS.
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