HOUSTON, Aug. 31 /PRNewswire-FirstCall/ -- Oil States International, Inc. today announced 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. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com/ .
The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" section of the Form 10-K for the year ended December 31, 2005 filed by Oil States with the SEC on March 2, 2006.
