HOUSTON and MUMBAI, India, Sept. 22, 2010 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its subsidiary, Oil States Industries (OSI), has entered into a joint venture agreement with G&T Oilfield and Offshore Services Pvt. Ltd. (GTO), a privately-held Indian company. The new venture, G&T Oil States Industries Private Limited, will be headquartered in New Delhi, with operations including state-of-the-art facilities based in Navi Mumbai, to provide comprehensive design, manufacturing, sales and service for Nautilus Marine Offshore Pedestal Cranes and King Post Cranes (under a Licensing Agreement with Patriot Cranes LLC).
The new venture will initially operate out of the current GTO facilities in Navi Mumbai until a newly designed 10,914 square meter complex can be completed in Navi Mumbai. The complex, expected to be operational in mid 2011, will include a three-story office building equipped with a 50-seat training auditorium to facilitate training for Crane Operators and Crane Maintenance. A 75-tonne crane test stand will also be installed for function testing, and full load testing capacity on-site.
"This new venture represents an opportunity to combine our talents and resources to successfully satisfy the crane needs of the Indian marketplace," stated Cindy B. Taylor, Oil States International's President and CEO. "G&T Oil States Industries Private Limited will combine GTO's experience in providing crane refurbishments and service along with their knowledge of labor and resources in the area with Oil States' designs, brand and worldwide reputation for quality."
"We see continuing growth for our market along with a greater need for customer responsiveness in the offshore construction arena in support of the existing offshore infrastructure. The Indian Waters have one of the largest installed bases of offshore platforms in the world" says Rajiv Savara, Managing Director of GTO. "This new joint venture will enable us to produce and deliver complete crane solutions with shorter lead times, greater cost efficiency, higher quality and safety standards that our customers have come to expect."
About Oil States International
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 http:// .
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About Oil States Industries
Oil States Industries is a subsidiary of Oil States International. Oil States Industries is a diverse provider of products and services to the oil and gas, defense and general industries. These markets are served by the company's locations in Texas, Louisiana, Oklahoma, the United Kingdom, and Brazil, Singapore and Thailand and a presence in France, Azerbaijan, Nigeria, Vietnam and UAE.
About G&T Oilfield and Offshore Services
G&T Oilfield and Offshore Services Pvt. Ltd. is a privately held company in India and an associate of G&T Total Energy Services Pvt. Ltd. and G&T Resources (Europe) Ltd., recognized distributors and in-country representatives of globally renowned manufacturers and suppliers of equipment and services to the Oil & Natural Gas and the Marine Industries in India. G&T Oilfield and Offshore Services and G&T Total Energy Services are headquartered in New Delhi, with offices and workshop facilities in Mumbai and Navi Mumbai, respectively.
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 three months ended June 30, 2010 filed by Oil States with the SEC on August 5, 2010.
CONTACT: Oil States International, Inc. Investor Relations Contact: Bradley J. Dodson, Senior Vice President & Chief Financial Officer 1 713 652 0582 Oil States Industries, Inc. Press Contact: Ricky Simic, Vice President, Marketing & Business Development 1 817 548 4201