Oil States announces sale of tubular services business

Oil States announces sale of tubular services business

Oil States International has sold Sooner, Inc. and its subsidiaries to Marubeni-Itochu Tubulars America for $600 million in aggregate cash consideration. Sooner comprised the entirety of the company’s Tubular Services segment, and provides OCTG distribution and related services.
The transaction is subject to customary post-closing adjustments, including final working capital determination. Oil States expects to use the net proceeds to repay outstanding debt, and for general corporate purposes, including share repurchases.
Oil and Gas Press

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