Oil & Gas Equipment & Services M&A » By The Online Investor Staff, updated Wed., May. 8, 6:34 AM
Recent mergers and acquisitions in the Oil & Gas Equipment & Services M&A category.
Slide #98. Oil States International, Inc. — Tempress Technologies, Inc.
Acquirer: |
Oil States International, Inc. (NYSE:OIS) |
Acquiree: |
Tempress Technologies, Inc. |
Details: |
Oil States International, Inc. announced that its subsidiary, Oil States Energy Services, Inc. has acquired Tempress Technologies, Inc. Headquartered in Kent, Washington, Tempress designs, develops and markets a suite of highly specialized, hydraulically activated tools utilized during downhole completion activities. For the twelve months ended December 31, 2012, Tempress is anticipated to generate approximately $8.0 million of EBITDA. Subject to customary post-closing adjustments, total transaction consideration was $52.5 million, funded from amounts available under Oil States' existing U.S. revolving credit facility. "Tempress' portfolio of patented tools and specialized services used in horizontal well applications are a welcome addition to OSES' already broad range of proprietary tools and services. I am excited about the strength of the products and customer relationships that Tempress will bring to our broad suite of completion tools and services," said Cindy B. Taylor, Oil States' president and chief executive officer. Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of products for deepwater production facilities and subsea pipelines as well as a provider of completion-related rental tools, oil country tubular goods distribution and land drilling services to the oil and gas industry. |
Oil States International, through its subsidiaries, is a provider of manufactured products and services to the energy, industrial and military sectors. Co.'s manufactured products include capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. Co.'s customers include national oil and natural gas companies, main and independent oil and natural gas companies, onshore and offshore drilling companies and other oilfield service and industrial companies. Co. operates through three business segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies.
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May 8, 2024 6:34 AM Eastern
Buy (2.75 out of 4)
15th percentile
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