- Corporate Governance
Oil States International and its subsidiaries have a long, rich history of operations in the oilfield services industry.
Our Offshore/Manufactured Products segment was founded as a supplier of rubber components for Texas oil patch producers.
Offshore/Manufactured 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/Manufactured Products responded to increasing exploration depths with new offerings for TLPs, FPSOs, subsea pipeline maintenance and repair, and subsea template installation and leveling.
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 (Completion Services).
Schooner Petroleum Services, Inc. was acquired in August, expanding our completion-related rental tool offering (Completion Services).
Acquired Acute Technological Services, Inc. in October. 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/Manufactured Products unveiled its second generation FlexJoint® riser connector technology, enhanced for operations in harsher and more demanding deepwater environments.
In July, Offshore/Manufactured 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.
Completion Services acquired Tempress Technologies, Inc., which 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, Offshore/Manufactured Products, acquired Quality Connector Systems, LLC ("QCS"), which 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.
In June, Offshore/Manufactured Products acquired the inventory and the right to use the trademark and tradename associated with the Guiberson product line from Cameron International Corporation, which have been integrated into the Company’s elastomer products offerings.
In January, Offshore/Manufactured Products purchased assets and intellectual property from Jebsen & Jessen, whose crane manufacturing and service lines are complementary to our own.
In April, Offshore/Manufactured Products purchased assets and intellectual property from MR Inspection Services, whose riser testing, inspection and repair service offerings are complement to our own.
In January, Oil States International, Inc. completed the acquisition of GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.
In February, Completion Services acquired Falcon Flowback Services, LLC , 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.
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 products and production services. We will continue our legacy of innovation, disciplined growth focused on long-term stockholder 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.