Oil States Reports Sale of Tubular Services Business for $600M; Raises Buyback to $500M
Oil States International, Inc. (NYSE: OIS) ("Company") announced today that it has sold Sooner, Inc. and its subsidiaries ("Sooner") to Marubeni-Itochu Tubulars America, Inc. ("Marubeni-Itochu") for $600 million in aggregate cash consideration. Sooner comprised the entirety of the Company's Tubular Services segment and provides oil country tubular goods ("OCTG") distribution and related services. The transaction is subject to customary post-closing adjustments, including final working capital determination. Oil States expects to use the net proceeds to repay outstanding debt and for general corporate purposes, including share repurchases.
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