Oil States International Inc
F:OI2
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Oil States International Inc
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Oil States International Inc
Oil States International makes equipment and services used in oil and gas drilling and offshore production. Its core products include specialized hardware for well construction, subsea equipment, and tools that help energy companies drill, complete, and support wells in tough environments. It also provides related services tied to installing and maintaining that equipment. Its main customers are oil and gas producers, drilling contractors, and offshore operators that need dependable equipment to build wells and keep them working. Oil States usually sells through direct contracts and service work, so it earns money when customers buy its equipment, rent certain products, or pay for installation and field support. What makes the business different is that it sits in a technical part of the energy supply chain. Instead of selling fuel, it sells the specialized parts and services that make drilling and offshore production possible. That gives it a role as a supplier to energy companies working in harsh, high-risk environments where reliability matters a lot.
Oil States International makes equipment and services used in oil and gas drilling and offshore production. Its core products include specialized hardware for well construction, subsea equipment, and tools that help energy companies drill, complete, and support wells in tough environments. It also provides related services tied to installing and maintaining that equipment.
Its main customers are oil and gas producers, drilling contractors, and offshore operators that need dependable equipment to build wells and keep them working. Oil States usually sells through direct contracts and service work, so it earns money when customers buy its equipment, rent certain products, or pay for installation and field support.
What makes the business different is that it sits in a technical part of the energy supply chain. Instead of selling fuel, it sells the specialized parts and services that make drilling and offshore production possible. That gives it a role as a supplier to energy companies working in harsh, high-risk environments where reliability matters a lot.
Revenue: Oil States reported first-quarter revenue of $145 million and adjusted EBITDA of $17 million, with results pressured by seasonal timing, Middle East delays, and softer U.S. land activity.
Outlook: Management held full-year guidance steady but said the second quarter should improve to $157 million to $162 million of revenue and $18 million to $20 million of EBITDA.
Backlog: Offshore Manufactured Products backlog stayed near a decade high at $430 million, and management still expects full-year book-to-bill of 1x or greater.
Geopolitics: The Middle East conflict delayed awards and raised costs, but management said it reinforces the long-term case for offshore, international, LNG, and military markets.
Balance Sheet: The company ended the quarter with $59 million of cash and no borrowings under its credit agreement, then retired its remaining $53 million convertible notes after quarter-end.
Strategy: Management reiterated a shift toward offshore and international work, saying those markets now make up most of revenue and should support higher-margin, longer-cycle growth.
