HOUSTON, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) today announced that Bradley Dodson, who currently holds the position of Senior Vice President, Chief Financial Officer and Treasurer of Oil States, will be promoted to serve as the Accommodations business' President and Chief Executive Officer upon completion of the previously announced plan to spin-off of the Accommodations business. Bradley will be joined by Ron Green, President of PTI Group Inc., and Peter McCann, Managing Director of The MAC. Ron has led the operations of PTI for nine years and has overseen significant growth in the business including integration of The MAC. Peter joined Oil States with The MAC acquisition in December 2010. The transaction remains on track to be completed during or before the summer of 2014.
"Establishing leadership for the Accommodations business is an important step forward in this critical process," said Cindy B. Taylor, Oil States' President and Chief Executive Officer. "Bradley is a proven leader with strong business acumen including many years of experience with our Accommodations business. During his twelve years at Oil States, Bradley has been instrumental in identifying and executing our strategic plan while maintaining our strong financial position. The Oil States board of Directors and I are confident that Bradley has the right skill set to lead Accommodations as it transitions to an independently traded, global enterprise, particularly given the continuity of leadership with Ron and Peter on the team."
Following the separation, Oil States will continue to be listed on the NYSE and will operate its remaining two business segments: offshore products and well site services. Ms. Taylor will continue to serve as President and Chief Executive Officer of Oil States following the spin-off of Accommodations which will be renamed upon completion of the separation. The new entity is a leading integrated provider of remote site accommodations for workforce housing, which will focus on continued growth through contracted room expansions in its existing Canadian oil sands, Australian mining and U.S. shale play markets as well as potential new regions around the world.
Ms. Taylor continued, "We are confident that the proposed spin-off of the Accommodations business will allow us to build upon our track record of shareholder value creation. Both Oil States and the future Accommodations business are strategically well-positioned to succeed as standalone entities. Each business will benefit from being a more focused global enterprise with talented employees, high quality assets, innovative technology and significant free cash flow generation. We look forward to completing the proposed spin-off and realizing the expected benefits for our shareholders."
Under the plan announced in July 2013, Oil States will execute a tax-free spin-off of the Accommodations business to Oil States shareholders. The Oil States offshore products and well site services businesses will continue to operate under the Oil States name, and the Company will continue to trade on the New York Stock Exchange (NYSE) under the symbol "OIS." Oil States shareholders will own shares in both corporations following the completion of the transaction. The Accommodations business intends to have its common stock separately listed on the NYSE.
The completion of the spin-off will be subject to market conditions, the receipt of an affirmative IRS ruling or independent tax opinion, completion of a review by the U.S. Securities and Exchange Commission of the Form 10 to be filed by the Accommodations business, the execution of separation and intercompany agreements and final approval of the Oil States board of directors. The spin-off will not be subject to a shareholder vote.
About Bradley Dodson
Bradley J. Dodson joined Oil States International in 2001 and has served in several executive positions. He is currently the Senior Vice President, Chief Financial Officer and Treasurer of Oil States and previously served as Vice President of Corporate Development. Prior to joining Oil States, Mr. Dodson held various positions at L.E. Simmons & Associates, a private equity firm specializing in oilfield service investments, and worked in the mergers and acquisitions group of Merrill Lynch prior to joining L.E. Simmons. Mr. Dodson holds an M.B.A. from The University of Texas at Austin and a B.A. in economics from Duke University.
About Oil States International
Oil States International, Inc. is a diversified oilfield services company and 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 services 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://www.oilstatesintl.com.
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 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, risks associated with the execution of the proposed spin-off, including that the spin-off is subject to market conditions, the receipt of an affirmative IRS ruling, completion of a review by the U.S. Securities and Exchange Commission of a Form 10 to be filed by the Accommodations business, the execution of separation and intercompany agreements and final board approval of the Oil States board of directors, risks associated with the operation of the two companies as stand-alone entities following the proposed spin-off transaction, and other factors discussed in the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2012 filed by Oil States with the SEC on February 20, 2013 and the "Risk Factors" section of the Form 10-Q for the three months ended September 30, 2013 filed by Oil States with the SEC on November 1, 2013.
CONTACT: Patricia Gil Oil States International, Inc. 713-470-4860
Source:Oil States International, Inc.