HOUSTON, EDMONTON, Alberta, and SYDNEY, Australia, Feb. 14, 2011 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that the Company's Australian subsidiary, The MAC Services Group Limited ("The MAC"), signed a lease agreement with the Department of Regional Development and Lands Western Australia to develop an accommodation village at Gap Ridge, Karratha, which is on the Northwest coast of Western Australia.
The site covers an area of approximately 14 hectares with the potential to grow the village to 1,300 rooms, subject to planning approval, to house a combination of mining and related industry workers in addition to rooms for local contractors who have difficulty in sourcing accommodation within the Karratha area. The first phase of the village construction is expected to consist of 208 rooms with associated central facilities and is planned to be complete by the end of 2011. Other stages are expected to follow thereafter.
"We are very pleased to have successfully secured a land lease in the growing Karratha region," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "Securing a village location in Karratha has been part of the MAC's growth strategy to enter this growing region to support the LNG and iron ore industries."
The village will be designed and developed with a resort style, environmentally sustained context to align with other MAC villages within the Bowen Basin, Queensland and Kambalda, Western Australia. The request for planning approval will be submitted in the coming months.
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. 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 .
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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 Factor" sections of the Form 10-K for the year ended December 31, 2009 filed by Oil States with the SEC on February 22, 2010 and the "Risk Factor" section of the Form 10-Q for the period ended September 30, 2010 filed by Oil States with the SEC on November 5, 2010. In addition, the previously announced acquisition of The MAC Services Group Limited includes additional risks and uncertainties including, among other things, the risk that the businesses will not be integrated successfully, the risk that any synergies or other benefits from the combination may not be fully realized or may take longer to realize than expected, and disruption from the acquisition making it more difficult to maintain relationships with customers, employees or suppliers.
CONTACT: Company Contact: Bradley J. Dodson Oil States International, Inc. 713-652-0582