Oil States Acquires Houston Waterfront Facility
Oil States International, Inc. reported that its subsidiary, Oil States Industries Inc., has purchased a facility on 22 acres (89,031 square meters) along the Houston ship channel. The 210,000 square foot (19,510 square meters) facility houses manufacturing, which includes light and heavy steel construction, machining, inventory control, customer property storage, and offshore logistics capabilities. The facility has 400 tons (362,872 kg) of heavy lift capacity extending over a crane-served slip at the bulkhead. The facility and related workforce will enhance the capabilities of the Offshore Products segment by expanding the Company's capacity and ability to manufacture, assemble, test and load out larger subsea production and floating drilling rig equipment. Consideration for the facility consisted of approximately $22.5 million in cash, funded from borrowings under the Company's existing credit facility.
"We are confident that our ownership of this waterfront facility will greatly enhance our ability to respond to the growing demand for larger subsea production and floating drilling rig equipment," stated Cindy B. Taylor, Oil States' president and chief executive officer.
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