- Corporate Governance
Oil States International and its subsidiaries have a long, rich history of operations in the oilfield services industry.
Our Tubular Services segment was founded in Tulsa, Oklahoma, as a small oilfield supply store.
Our Offshore Products segment was founded as a supplier of rubber components for Texas oil patch producers.
Offshore Products expanded its rubber expertise by pioneering the first flexible load bearings for bridges, which became the foundation for our connector technology and our FlexJoint® connectors.
Our Well Site Services segment began operations, serving oil and gas companies in Canada and along the Gulf Coast.
Offshore Products responded to increasing exploration depths with new offerings for TLPs, FPSOs, subsea pipeline maintenance and repair, and subsea template installation and leveling.
Tubular Services completed a series of acquisitions combining the top U.S. distributors and has since grown to be a leading tubular distributor and logistics services provider to the oil and gas industry in the U.S.
We completed our initial public offering on the New York Stock Exchange.
We acquired Stinger Wellhead Protection, a leading provider of wellhead isolation equipment and services.
Well Testing, Inc. was acquired in July, enhancing our well site service offering by providing flowback and well testing services and equipment.
Schooner Petroleum Services, Inc. was acquired in August, expanding our completion-related rental tool offering.
Offshore Products acquired Acute Technological Services, Inc. in October. Headquartered in Houston, Texas and with operations in Brazil, Acute provides metallurgical and welding innovations to the oil and gas industry in support of critical, complex subsea component manufacturing and deepwater riser fabrication on a global basis.
Offshore products unveiled its second generation FlexJoint® riser connector technology, enhanced for operations in harsher and more demanding deepwater environments.
In July, offshore products acquired Piper Valve Systems, Ltd., which designs and manufactures high pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea.
Oil States Energy Services acquired Tempress Technologies, Inc. ("Tempress") in December. Headquartered in Kent, Washington, Tempress designs, develops and markets a suite of highly specialized, hydraulically activated tools utilized during downhole completion activities.
In September, Oil States International, Inc. 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.
In December, Oil States Industries, Inc., acquired Quality Connector Systems, LLC ("QCS"). Headquartered in Houston, Texas, QCS designs, manufactures and markets a portfolio of proprietary deep and shallow water pipeline connectors for subsea pipeline construction, repair and expansion projects.
In May, Oil States International, Inc.’s Board of Directors approved the spin-off of the accommodations business, named Civeo Corporation (NYSE ticker symbol “CVEO”), through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock. The distribution of Civeo shares occurred on May 30, 2014.
In January, Oil States Industries, Inc., acquired Montgomery Machine Company, Inc. ("MMC"). Headquartered in Houston, Texas, MMC combines machining and proprietary cladding technology and services to manufacture high-specification components for the offshore capital equipment industry on a global basis.
Today and Onward
Through our history of internal expansion, complemented by over forty strategic acquisitions, Oil States has become a leading provider of deepwater capital equipment, completion and drilling services. We will continue our legacy of innovation, disciplined growth focused on long-term shareholder value creation and steadfast service into the future.
Watch Oil States’ President and CEO, Cindy B. Taylor, along with the Board and members of the management team ring the closing bell at the NYSE in celebration of ten years of trading on the exchange.