HOUSTON and EDMONTON, Alberta, Aug. 25 /PRNewswire-FirstCall/ -- Oil States International, Inc. announced today that the Company's Canadian subsidiary, PTI Group Inc., will further expand its Wapasu Creek Lodge by an additional 672 rooms, bringing total capacity to 2,942 rooms at the facility. The additional dorm style rooms will accommodate clients from several projects in the Northeast area of the Athabasca oil sands region in Alberta, Canada. The cost to expand the facility is included in Oil States' current capital expenditures forecast of $344 million for the full year 2008. The Company expects the additional rooms to be fully operational by the end of the second quarter of 2009.
"The Wapasu site is very strategic for Oil States and is being recognized by the market as a key resource for nearby development projects," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "We are excited to have the opportunity to organically grow our business with such a unique facility."
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, 2007 filed by Oil States with the SEC on February 22, 2008.
