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.