A view of the Houston Ship Channel. (Source: Shutterstock)
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.
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The company plans to continue capitalizing on offshore and international growth opportunities, investing in diverse technology and optimizing its domestic operations, Taylor said.
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