Houston-based Oil States International Inc. has closed the sale of its Houston Ship Channel facility, according to a Dec. 17 press release.
Oil States said the “previously idled” facility’s sale generated net proceeds of $24.8 million. The buyer was not disclosed.
The closing of the transaction comes as the company works toward debt reduction and increasing shareholder value. Proceeds from the transaction and cash flow from operations will be used to decrease debt, the company said.
And, since implementing its new $50 million share repurchase authorization plan in October, Oil States has repurchased 1.5 million shares of its common stock for a consideration totaling $7.9 million, the company said.
“The consolidation of our Houston operations and completion of the sale of our Houston Ship Channel facility, combined with the repurchase of our common stock adds momentum to the execution of our long-term strategy and demonstrates our commitment to enhance stockholder value,” said Oil States President and CEO Cindy B. Taylor.
The manufactured products servicer is also continuing investments in new technologies, including its managed pressure drilling systems, Oil States said.
RELATED
Seadrill to Adopt Oil States’ Offshore MPD Technology
The company plans to continue capitalizing on offshore and international growth opportunities, investing in diverse technology and optimizing its domestic operations, Taylor said.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。