Oil States Sells Tubular Services Segment To Marubeni-Itochu For $600 Mln Cash

(RTTNews) - Oil States International, Inc. (OIS) Friday said it sold its tubular services segment and provider of oil country tubular goods, Sooner, Inc. and its unit to Marubeni-Itochu Tubulars America, Inc. for $600 million cash. Oil States expects to use the net proceeds to repay outstanding debt and for general corporate purposes, including share repurchases.

In connection with the sale of Sooner, Oil States' increased the authorized share repurchase program from $200 million to $500 million, which expires on September 1, 2014. Oil States has about 55.2 million common shares outstanding. With the increased authorization, the company has about $472.9 million remaining under the program.

In connection with the Sooner transaction, Simmons & Company International provided a fairness opinion to the board of directors of Oil States.