Oil States Acquires Falcon Flowback Services
February 28 2018 - 4:30PM
Oil States International, Inc. (NYSE:OIS) announced today that it
has acquired Falcon Flowback Services, LLC (“Falcon”), a full
service provider of flowback and well testing services for the
separation and recovery of fluids, solid debris and proppant used
during hydraulic fracturing operations. Falcon was acquired from
Argonaut Private Equity, based in Tulsa, Oklahoma.
Falcon will provide additional scale and
diversity to Oil States’ Completion Services well testing
operations in key shale plays in the United States, with their
seven service locations and over 400 employees.
The acquisition price was $85 million, on a
cash-free and debt-free basis, and is subject to customary
post-closing purchase price adjustments. The acquisition was funded
by borrowings under Oil States’ revolving credit facility.
Cindy B. Taylor, Oil States’ President and Chief
Executive Officer, commented, “With this acquisition of Falcon, we
are able to expand our well testing footprint and equipment
offerings which will afford Oil States greater scale and access to
highly-trained field technicians in a tightening labor environment.
We welcome Falcon’s employees to the Oil States family.”
About Oil StatesOil States International, Inc.
is a global oilfield products and services company serving the
drilling, completion, subsea, production and infrastructure sectors
of the oil and gas industry. The Company’s manufactured products
include highly engineered capital equipment as well as products
consumed in the drilling, well construction and production of oil
and gas. The Company is also a leading provider of completion
services to the industry. Through its recent acquisition of
GEODynamics, Inc., the Company is also a leading researcher,
developer and manufacturer of engineered solutions to connect the
wellbore with the formation in oil and gas well completions. Oil
States is headquartered in Houston, Texas with manufacturing and
service facilities strategically located across the globe. Oil
States 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
www.oilstatesintl.com.
Forward Looking StatementsThe foregoing contains
forward-looking statements within the meaning of Section 27A
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 and uncertainties
relating to Oil States' ability to retain Falcon's customers and
employees, the ability to successfully integrate Falcon's
operations, product lines, technology and employees into Oil
States' operations, and the ability to achieve the expected
synergies as well as accretion in earnings; risks associated with
the general nature of the energy service industry; and other
factors discussed in the “Business” and “Risk Factors” sections of
the Company’s Annual Report on Form 10-K for the year
ended December 31, 2017 and the Periodic Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof,
and, except as required by law, the Company undertakes no
obligation to update those statements or to publicly announce the
results of any revisions to any of those statements to reflect
future events or developments.
Company Contact:
Lloyd A. HajdikOil States International, Inc.Executive Vice
President, Chief Financial Officer and Treasurer 713-652-0582
Patricia GilOil States International,
Inc.Director, Investor Relations713-470-4860
SOURCE: Oil States International, Inc.
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