Oil States International, Inc. announced today that its subsidiary, Oil States Industries, Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems, Ltd. Headquartered in Oklahoma City, Oklahoma, Piper Valve Systems designs and manufactures high pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea. For the twelve months ended December 31, 2012, Piper is expected to generate approximately $34.0 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $48.0 million, funded from amounts available under Oil States' existing credit facility.
"Piper's valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications," said Cindy B. Taylor, Oil States' president and chief executive officer. "Piper's valve technology is well respected in the marketplace which will allow us to join forces and increase our suite of global deepwater products and services. We are excited to welcome all of the Piper employees to the Oil States organization."
Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of 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. Oil States International, Inc. is a publicly traded company on the New York Stock Exchange under the ticker symbol OIS.