Houston-based Oil States International Inc. (NYSE: OIS) said Dec. 17 that its subsidiary, Oil States Energy Services Inc., has acquired Tempress Technologies Inc.
Tempress, headquartered in Kent, Wash., designs, develops, and markets a suite of highly specialized, hydraulically activated tools utilized during downhole completion activities. For the 12 months ended Dec. 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 US 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 CEO.
Oil States International is a diversified oilfield services company and an integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States manufactures 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.