HOUSTON, June 17, 2011 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its Oil States Industries subsidiary has been awarded a contract from Subsea 7 to supply 27 FlexJoint® Steel Catenary Riser (SCR) terminations and 40 receptacle assemblies for the Guara and Lula NE oilfields in Brazil. This order represents part of one of the largest EPIC SURF contract awarded to date in Brazil and is one of the world's largest contracts for SCR end terminations ever awarded.
The Guara and Lula NE fields are part of the giant pre-salt discoveries made by Petrobras in the Santos Basin, Brazil, at a water depth of over 2,100 meters. Manufacturing of the FlexJoint® equipment will be performed by Oil States at its Texas, Louisiana, Singapore, UK and Macae' Brazil locations, with weld qualification and execution to be managed by Oil States ATS-Cybersolda in Brazil. The project will also be supported by the sales and projects office of Oil States in Rio de Janeiro.
Delivery of the FlexJoint® equipment is scheduled to begin in 2012. Oil States' scope of supply will also incorporate the exclusive field-proven bellows and HPHT FlexJoint technology that Oil States developed for the offshore industry.
"We are very pleased to be chosen by Subsea 7 to support them on this large and important project," said Marcio Robles, Oil States Brasil's director of sales and business development. "We deeply appreciate the confidence Subsea 7 has placed in us and look forward to a successful collaboration going forward."
The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and 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 herein are 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, 2010 filed by Oil States with the SEC on February 22, 2011.
About Subsea 7
Subsea 7 S.A. is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. The company provides integrated services and plans, designs and delivers complex projects in harsh and challenging environments.
About Oil States International, Inc.
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:// .
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About Oil States Industries, Inc.
Oil States Industries, Inc. is a subsidiary of Oil States International, Inc. (ticker symbol OIS, NYSE) located in Houston, Texas. 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 three business groups: Offshore Construction, Marine Pipeline and Elastomers, with operations in Texas, Louisiana, Oklahoma, the United Kingdom, Brazil, Singapore and Thailand and a presence in the U.A.E., France, Norway, Nigeria and Vietnam. For more information, please visit Oil States Industries' website at .
CONTACT: Bradley J. Dodson Oil States International, Inc. 713-652-0582