Oil States International Says Board Approves Spin-off Of Accommodations Business

(RTTNews) - Oil States International Inc. (OIS), an oilfield services company, said its Board of Directors approved the spin-off of its accommodations business, recently named Civeo Corp., through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock.

The distribution of Civeo shares is expected to occur on May 30, with Oil States shareholders receiving two shares of Civeo common stock for every one share of Oil States common stock held at the close of business on May 21, the record date for the distribution.

Following the spin-off, Civeo will be an independent, publicly traded company, and Oil States will retain no ownership in Civeo.

In connection with the spin-off, Civeo will make a cash distribution of $750.0 million to Oil States. Civeo plans to fund this distribution with cash proceeds from borrowings under its expected $775 million term loan.

Civeo common stock is expected to begin trading on a "when-issued" basis on the New York Stock Exchange under the ticker symbol "CVEO WI" (when-issued) on or about May 19. On June 2, Civeo common stock is expected to begin trading "regular way" under the symbol "CVEO".