HOUSTON, March 19, 2014 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) today announced that its subsidiary, OIS Accommodations SpinCo Inc., has filed a 2nd amendment to its Form 10 (Form 10) with the U.S. Securities and Exchange Commission (SEC) in connection with Oil States' previously announced plan to effect a spin-off of its accommodations business.
The amended Form 10 contains important information about the Accommodations business, including standalone financial information and a discussion of the company's operating and growth strategies. Oil States expects that subsequent amendments to the Form 10 will be filed prior to completion of the spin-off. A copy of the amended Form 10 is available at http://www.ir.oilstatesintl.com under "Quick Resources".
Under the separation plan announced in July 2013, Oil States plans to execute a tax-free spin-off of the accommodations business to Oil States shareholders by the end of the second quarter of 2014. In addition to its subsidiary filing the second amendment to its Form 10, Oil States International, Inc. has also received an affirmative IRS ruling regarding the tax free nature of the spin-off transaction. The offshore products and well site services businesses will continue to operate under the "Oil States International" name and 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 under a name yet to be disclosed.
The completion of the spin-off will be subject to market conditions, the receipt of an independent tax opinion, completion of a review by the SEC of the amended Form 10 filed by OIS Accommodations SpinCo Inc., 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. Further, progress has been made on establishing a management team for the accommodations business.
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 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 Factors" sections of the Form 10-K for the year ended December 31, 2013 filed by Oil States with the SEC on February 25, 2014 and the "Risk Factors" section of the amended Form 10 filed by OIS Accommodations SpinCo Inc. with the SEC on March 18, 2014.