2011-01-14-2010-12-21-2010-12-21

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$43.0MM
Description

Bought remote site workforce accommodations services focused on Rockies and Bakken region.

PTI Group USA LLC, a subsidiary of Houston-based oilfield services company Oil States International Inc. (NYSE: OIS), has purchased all of the operating assets of Mountain West Oilfield Service and Supplies Inc. and its affiliate Ufford Leasing for $43 million in cash, an earn-out agreement and a $4-million promissory note.

Headquartered in Vernal, Utah, with operations in the Rockies and the Bakken shale region, Mountain West provides remote site workforce accommodations to the oil and gas industry. Mountain West generated approximately $24 million of revenues for the twelve months ended Nov. 30.

Cash consideration was funded under Oil States' credit facility. Any payments under the earn-out agreement will be determined by the EBITDA generated by the business during the three years subsequent to the transaction closing date.

"The addition of Mountain West complements and expands our existing accommodations offering in growing markets in the United States," says Cindy B. Taylor, Oil States president and chief executive. "We are excited about the addition of the Mountain West team and look forward to for their future contributions to our accommodations business."