UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 29, 2018  

Oil States International, Inc.
(Exact Name of Registrant as Specified in Charter)

DELAWARE 1-1633776-0476605
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

Three Allen Center
333 Clay Street, Suite 4620, Houston, Texas 77002
(Address of Principal Executive Offices) (Zip Code)

(713) 652-0582
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2018, Oil States International, Inc. published a press release providing information regarding its results of operation and financial condition for the quarter ended September 30, 2018. The information provided in this Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Press release dated October 29, 2018


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Oil States International, Inc.
   
  
Date: October 29, 2018By: /s/ Lloyd A. Hajdik        
  Lloyd A. Hajdik
  Executive Vice President, Chief Financial Officer and Treasurer
  

EdgarFiling

EXHIBIT 99.1

Oil States Announces Third Quarter 2018 Results

HOUSTON, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE: OIS) reported a net loss for the third quarter of 2018 of $4.0 million, or $0.07 per diluted share, which included charges related to:

These results compare to a reported net loss for the third quarter of 2017 of $15.0 million, or $0.30 per diluted share, which included charges of $0.4 million ($0.3 million after-tax, or $0.01 per diluted share) of severance and downsizing charges and $1.0 million of additional tax expense ($0.02 per diluted share) due to the decision to carry back 2016 net operating losses against taxable income reported in 2014.

During the third quarter of 2018, the Company generated revenues of $274.6 million and Consolidated EBITDA (Note A) of $27.6 million. These results compare to revenues of $164.0 million and Adjusted Consolidated EBITDA (Note A) of $9.2 million reported in the third quarter of 2017 (excluding $0.4 million of severance and downsizing charges).

For the first nine months of 2018, the Company reported revenues of $814.0 million and Adjusted Consolidated EBITDA of $100.1 million (excluding $2.6 million of transaction-related charges and $0.8 million of severance and downsizing charges).

The net loss for the first nine months of 2018 totaled $4.8 million which included charges related to:

For the first nine months of 2017, the Company reported revenues of $486.9 million and Adjusted Consolidated EBITDA of $25.0 million (excluding $2.0 million of severance and downsizing charges). The net loss for the first nine months of 2017 totaled $47.0 million and included $2.0 million ($1.5 million after-tax, or $0.03 per diluted share) of severance and downsizing charges.

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, commented, "Our third quarter results were negatively impacted by a number of items, including legal fees incurred for patent defense in the Downhole Technologies segment and prior years’ FLSA claim settlements in our Well Site Services segment. In addition, our results were impacted by sequentially lower revenues and under-absorption of manufacturing facility costs primarily in our Offshore/Manufactured Products segment due to revenue slippage and the delay of certain project awards, while our Well Site Services segment incurred higher than expected repair and maintenance, and equipment rental expenses. Despite these items, on a year-over-year basis, our third quarter revenues were up 67% and our quarterly EBITDA was up 213%. These year-over-year improvements were due to contributions from our two strategic acquisitions that we completed in the first quarter of this year, coupled with improved land completions activity in the key shale play regions in the U.S."

BUSINESS SEGMENT RESULTS
(See Segment Data tables for year-over-year comparisons)

Well Site Services
Well Site Services generated revenues of $128.6 million, Segment EBITDA (Note B) of $15.5 million and a Segment EBITDA margin of 12% in the third quarter of 2018. This compared to revenues of $77.2 million, Segment EBITDA  of $7.1 million and a Segment EBITDA margin of 9% in the third quarter of 2017. The 67% revenue increase was due to a 71% year-over-year increase in the number of Completion Services jobs performed, coupled with a 7% year-over-year increase in revenue per Completion Services job. Improved results were driven by significantly increased completion-related activity levels in the United States, and a full quarters' revenue contribution generated by Falcon Flowback Services, LLC (“Falcon”), which was acquired on February 28, 2018.  Segment results for the current quarter included $2.6 million of prior years' FLSA claim settlements.

Downhole Technologies (acquisition of GEODynamics, Inc. closed on January 12, 2018)
In the third quarter of 2018, Downhole Technologies generated revenues of $56.6 million, Segment EBITDA of $11.1 million and a Segment EBITDA margin of 20%. The segment results were negatively impacted by $3.5 million of patent defense costs incurred in the third quarter of 2018. No results for GEODynamics were included in the third quarter of 2017 given our acquisition of the business in January 2018.

Offshore/Manufactured Products
Offshore/Manufactured Products generated revenues and Segment EBITDA of $89.4 million and $12.6 million, respectively, in the third quarter of 2018 compared to revenues of $86.9 million and Segment EBITDA of $13.8 million in the third quarter of 2017. Revenues increased 3% while Segment EBITDA decreased 9% year-over-year. Other product and service revenues increased 25% year-over-year, offset partially by lower short-cycle product sales (elastomer and valve products), which decreased 10% year-over-year due to lower customer demand, likely due to stocking cycles. Segment EBITDA margin in the third quarter of 2018 was 14% compared to 16% in the third quarter of 2017.

Backlog increased 6% sequentially to total $175 million at September 30, 2018 compared to $165 million at June 30, 2018 and $198 million at September 30, 2017. The third quarter book-to-bill ratio was 1.1x.

Income Taxes
The Company recognized an effective tax rate benefit of 48.8% in the third quarter of 2018 which compared to an effective tax rate benefit of 21.1% in the third quarter of 2017. The higher effective tax rate benefit in the third quarter of 2018 was primarily attributable to a $5.8 million discrete tax benefit related to recent U.S. tax reform guidance allowing the carry back of U.S. net operating losses incurred in 2017 against taxable income reported in 2015.

Financial Condition
As of September 30, 2018, $160.6 million was outstanding under the Company’s revolving credit facility along with an additional $23.0 million of outstanding letters of credit, while cash totaled $36.3 million. The Company had access to $149.8 million of revolving credit facility availability as of September 30, 2018.

Conference Call Information
The call is scheduled for Monday, October 29, 2018 at 9:00 am CT, and is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing (888) 771-4371 in the United States or by dialing +1 847 585 4405 internationally and using the passcode 47745272. A replay of the conference call will be available one and a half hours after the completion of the call by dialing (888) 843-7419 in the United States or by dialing +1 630 652 3042 internationally and entering the passcode 47745272.

About Oil States
Oil States International, Inc. is a global oilfield products and services company serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. The Company’s manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and gas. Through its recent acquisition of GEODynamics, Inc., the Company is also a leading researcher, developer and manufacturer of engineered solutions to connect the wellbore with the formation in oil and gas well completions. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol “OIS”.

For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks and uncertainties relating to Oil States' ability to retain GEODynamics' and Falcon's customers and employees, the ability to successfully integrate GEODynamics' and Falcon's operations, product lines, technology and employees into Oil States' operations, and the ability to achieve the expected synergies as well as accretion in earnings; risks associated with the general nature of the energy service industry; and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, Periodic Reports on Form 8-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)

 Three Months Ended September 30, Nine Months Ended September 30,
 2018 2017 2018 2017
Revenues:       
Products$120,271  $67,339  $385,279  $223,269 
Services154,323  96,709  428,736  263,648 
 274,594  164,048  814,015  486,917 
        
Costs and expenses:       
Product costs87,822  50,593  276,122  160,252 
Service costs127,836  78,596  342,829  219,697 
Cost of revenues (exclusive of depreciation and amortization expense presented below)215,658  129,189  618,951  379,949 
Selling, general and administrative expense32,285  26,843  102,399  84,055 
Depreciation and amortization expense30,586  26,788  90,698  82,552 
Other operating (income) expense, net(213) (589) (2,097) 374 
 278,316  182,231  809,951  546,930 
Operating income (loss)(3,722) (18,183) 4,064  (60,013)
        
Interest expense(4,913) (1,147) (14,359) (3,370)
Interest income70  73  272  243 
Other income709  207  1,927  477 
Loss before income taxes(7,856) (19,050) (8,096) (62,663)
Income tax benefit3,837  4,019  3,327  15,708 
Net loss$(4,019) $(15,031) $(4,769) $(46,955)
        
Net loss per share:       
Basic$(0.07) $(0.30) $(0.08) $(0.94)
Diluted$(0.07) $(0.30) $(0.08) $(0.94)
        
Weighted average number of common shares outstanding:       
Basic59,026  49,978  58,606  50,190 
Diluted59,026  49,978  58,606  50,190 
            

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)

 September 30, 2018 December 31, 2017
 (Unaudited)  
ASSETS   
Current assets:   
Cash and cash equivalents$36,261  $53,459 
Accounts receivable, net296,713  216,139 
Inventories, net210,783  168,285 
Prepaid expenses and other current assets21,872  18,054 
Total current assets565,629  455,937 
    
Property, plant, and equipment, net544,653  498,890 
Goodwill, net656,753  268,009 
Other intangible assets, net247,876  50,265 
Other noncurrent assets29,885  28,410 
Total assets$2,044,796  $1,301,511 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Current portion of long-term debt and capitalized leases$25,535  $411 
Accounts payable78,621  49,089 
Accrued liabilities65,700  45,889 
Income taxes payable2,514  1,647 
Deferred revenue13,489  18,234 
Total current liabilities185,859  115,270 
    
Long-term debt and capitalized leases328,876  4,870 
Deferred income taxes54,141  24,718 
Other noncurrent liabilities26,245  23,940 
Total liabilities595,121  168,798 
    
Stockholders’ equity:   
Common stock718  627 
Additional paid-in capital1,091,663  754,607 
Retained earnings1,043,854  1,048,623 
Accumulated other comprehensive loss(69,731) (58,493)
Treasury stock(616,829) (612,651)
Total stockholders’ equity1,449,675  1,132,713 
Total liabilities and stockholders’ equity$2,044,796  $1,301,511 
        
        

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

 Nine Months Ended September 30,
 2018 2017
Cash flows from operating activities:   
Net loss$(4,769) $(46,955)
Adjustments to reconcile net loss to net cash provided by operating activities:   
Depreciation and amortization expense90,698  82,552 
Stock-based compensation expense16,554  17,023 
Amortization of debt discount and deferred financing costs5,504  608 
Deferred income tax expense (benefit)1,061  (2,224)
Provision for bad debt1,083  257 
Gain on disposals of assets(5,046) (526)
Other, net(92) 62 
Changes in operating assets and liabilities, net of effect from acquired businesses:   
Accounts receivable(25,454) 26,909 
Inventories(7,867) 5,912 
Accounts payable and accrued liabilities18,311  11,811 
Income taxes payable524  (4,789)
Other operating assets and liabilities, net(10,406) (14,323)
Net cash flows provided by operating activities80,101  76,317 
    
Cash flows from investing activities:   
Capital expenditures(71,286) (20,331)
Acquisitions of businesses, net of cash acquired(379,676) (12,859)
Proceeds from disposition of property, plant and equipment1,812  1,125 
Proceeds from flood insurance claims3,589   
Other, net(1,218) (631)
Net cash flows used in investing activities(446,779) (32,696)
    
Cash flows from financing activities:   
Issuance of 1.50% convertible senior notes200,000   
Revolving credit facility borrowings769,147  167,183 
Revolving credit facility repayments(608,565) (193,761)
Other debt and capital lease repayments, net(405) (403)
Payment of financing costs(7,368)  
Purchase of treasury stock  (16,283)
Shares added to treasury stock as a result of net share settlements
due to vesting of restricted stock
(4,178) (5,305)
Net cash flows provided by (used in) financing activities348,631  (48,569)
    
Effect of exchange rate changes on cash and cash equivalents849  2,012 
Net change in cash and cash equivalents(17,198) (2,936)
Cash and cash equivalents, beginning of period53,459  68,800 
Cash and cash equivalents, end of period$36,261  $65,864 
        
        

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
 2018 2017 2018 2017
Revenues:       
Well Site Services:       
Completion Services$111,669  $61,015  $302,877  $167,577 
Drilling Services16,920  16,162  51,235  39,120 
Total Well Site Services128,589  77,177  354,112  206,697 
Downhole Technologies56,571    161,626   
Offshore/Manufactured Products:       
Project-driven products22,277  22,698  98,301  89,615 
Short-cycle products34,170  37,781  111,936  110,872 
Other products and services32,987  26,392  88,040  79,733 
Total Offshore/Manufactured Products89,434  86,871  298,277  280,220 
Total revenues$274,594  $164,048  $814,015  $486,917 
        
Operating income (loss):       
Well Site Services:       
Completion Services(2)$(3,271) $(9,933) $(6,538) $(38,960)
Drilling Services(2,206) (3,235) (7,474) (11,239)
Total Well Site Services(5,477) (13,168) (14,012) (50,199)
Downhole Technologies(1)6,485    26,139   
Offshore/Manufactured Products(1,2)7,069  7,334  32,185  27,460 
Corporate(1)(11,799) (12,349) (40,248) (37,274)
Total operating income (loss)$(3,722) $(18,183) $4,064  $(60,013)
                
                

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION – SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA (B)
(In Thousands)
(unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
 2018 2017 2018 2017
Well Site Services:       
Completion Services:       
Operating loss$(3,271) $(9,933) $(6,538) $(38,960)
Depreciation and amortization expense16,884  15,679  49,082  48,400 
Other income620  133  1,415  412 
EBITDA14,233  5,879  43,959  9,852 
Severance and downsizing charges  175    1,077 
Adjusted EBITDA$14,233  $6,054  $43,959  $10,929 
        
Drilling Services:       
Operating loss$(2,206) $(3,235) $(7,474) $(11,239)
Depreciation and amortization expense3,479  4,454  10,898  14,283 
Other income (expense)(1) 44  379  48 
EBITDA$1,272  $1,263  $3,803  $3,092 
        
Total Well Site Services:       
Operating loss$(5,477) $(13,168) $(14,012) $(50,199)
Depreciation and amortization expense20,363  20,133  59,980  62,683 
Other income619  177  1,794  460 
Segment EBITDA15,505  7,142  47,762  12,944 
Severance and downsizing charges  175    1,077 
Adjusted Segment EBITDA$15,505  $7,317  $47,762  $14,021 
        
Downhole Technologies:       
Operating income$6,485  $  $26,139  $ 
Depreciation and amortization expense4,582    12,998   
Other income (expense)1    (12)  
Segment EBITDA11,068    39,125   
Transaction-related charges    211   
Adjusted Segment EBITDA$11,068  $  $39,336  $ 
        
Offshore/Manufactured Products:       
Operating income$7,069  $7,334  $32,185  $27,460 
Depreciation and amortization expense5,426  6,404  17,026  19,091 
Other income89  30  145  17 
Segment EBITDA12,584  13,768  49,356  46,568 
Severance and downsizing charges  253  783  946 
Adjusted Segment EBITDA$12,584  $14,021  $50,139  $47,514 
        
Corporate:       
Operating loss$(11,799) $(12,349) $(40,248) $(37,274)
Depreciation and amortization expense215  251  694  778 
Other expense       
EBITDA(11,584) (12,098) (39,554) (36,496)
Transaction-related charges    2,371   
Adjusted EBITDA$(11,584) $(12,098) $(37,183) $(36,496)
                
                

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In Thousands)
(unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
 2018 2017 2018 2017
        
Net loss$(4,019) $(15,031) $(4,769) $(46,955)
Income tax benefit(3,837) (4,019) (3,327) (15,708)
Depreciation and amortization expense30,586  26,788  90,698  82,552 
Interest income(70) (73) (272) (243)
Interest expense4,913  1,147  14,359  3,370 
Consolidated EBITDA (A)27,573  8,812  96,689  23,016 
        
Adjustments to Consolidated EBITDA (1,2):       
Transaction-related charges    2,582   
Severance and downsizing charges  428  783  2,023 
Adjusted Consolidated EBITDA (A)$27,573  $9,240  $100,054  $25,039 
                

(1) Operating income (loss) and Segment and Consolidated EBITDA for the nine months ended September 30, 2018 included transaction-related expenses of $2.4 million and $0.2 million related to Corporate and the Downhole Technologies segment, respectively, as well as severance charges of $0.8 million related to the Offshore/Manufactured Products segment.

(2) Operating income (loss) and Segment and Consolidated EBITDA for the three and nine months ended September 30, 2017 included severance and downsizing charges of $0.2 million and $1.1 million, respectively, related to the Completion Services business and $0.3 million and $0.9 million, respectively, related to the Offshore/Manufactured Products segment.

(A) The terms Consolidated EBITDA and Adjusted Consolidated EBITDA consist of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, and certain other items.  Consolidated EBITDA and Adjusted Consolidated EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Consolidated EBITDA and Adjusted Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated EBITDA and Adjusted Consolidated EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Consolidated EBITDA and Adjusted Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The table above sets forth a reconciliation of Consolidated EBITDA and Adjusted Consolidated EBITDA to net income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

(B) The terms EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, and certain other items.  EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA as a supplemental disclosure because its management believes that EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The tables above set forth reconciliations of EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

ADDITIONAL QUARTERLY SEGMENT AND OPERATING DATA
(unaudited)

 Three Months Ended September 30,
 2018 2017
Supplemental operating data:   
Offshore/Manufactured Products backlog ($ in millions)$174.6  $198.1 
    
Completion Services job tickets8,485  4,970 
Average revenue per ticket ($ in thousands)$13.2  $12.3 
    
Land drilling operating statistics:   
Average rigs available34  34 
Utilization30.5% 33.6%
Implied day rate ($ in thousands per day)$17.7  $15.4 
Implied daily cash margin ($ in thousands per day)$1.8  $1.6 

Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
713-652-0582

Patricia Gil
Oil States International, Inc.
Director, Investor Relations
713-470-4860

SOURCE: Oil States International, Inc.