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Oil States Announces New Colorado Manufacturing Facility(December 15, 2011)
HOUSTON, Dec. 15, 2011 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today it has acquired a manufacturing facility north of Denver, Colorado in Johnstown, Colorado that will provide additional construction capacity for both the U.S. and Canadian remote site accommodation markets. The Company expects that the new accommodations manufacturing facility will create 249 new U.S. jobs over the next five years. The manufacturing facility is expected to be operational commencing in the first quarter of 2012 with production starting by mid-year. Initial production capacity is projected at 2,500 modular units per year.
"The city of Johnstown is truly excited to add Oil States International as a new member of our community," stated Mark Romanowski, Mayor of Johnstown, Colorado. "We look forward to establishing a positive long term relationship and are extremely pleased to have additional job creation during these hard economic times."
Chairwoman Barbara Kirkmeyer of the Weld County Board of County Commissioners added, "We welcome Oil States International to Weld County and thank them for choosing to join our business community. This exciting project is another great example of government and business working together to achieve positive results for Johnstown, Weld County and the entire region. With the creation of more than 200 new jobs, this project fuels Weld County's stellar job growth history, which led the state in 2010 and ranked 11th highest in the country during the past 10 years."
Cindy B. Taylor, Oil States' President and Chief Executive Officer, commented, "We are pleased to invest in expansionary projects in the U.S. which will potentially create approximately 250 jobs at our new Colorado manufacturing facility. This new facility will allow us to take advantage of a highly skilled workforce in the area and will further facilitate planned capacity expansions in the U.S. shale plays and Canadian oil sands regions."
Oil States International, Inc. is a diversified oilfield services company with recently added exposure to the mining industry through The MAC acquisition. Oil States 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 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 http://www.oilstatesintl.com.
The Oil States International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6058
The foregoing contains forward-looking statements within the meaning 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 therein will be based on then 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 associated with the general nature of the oilfield service industry and other factors discussed within the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2010 filed by Oil States with the SEC on February 22, 2011 and the "Risk Factors" section of the Form 10-Q for the three months ended September 30, 2011 filed by Oil States with the SEC on November 4, 2011.
CONTACT: Bradley J. Dodson
Oil States International, Inc.
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