0001121484false00011214842023-07-272023-07-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________

Form 8-K
____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2023

Oil States International, Inc.
(Exact name of registrant as specified in its charter)
Delaware1-1633776-0476605
(State or other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
Three Allen Center, 333 Clay Street, Suite 4620, Houston, Texas 77002

Registrant's telephone number, including area code: (713) 652-0582

Not Applicable
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareOISNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
On July 27, 2023, Oil States International, Inc. (the "Company") published a press release providing information regarding its results of operation and financial condition for the quarter ended June 30, 2023. The information provided in this Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OIL STATES INTERNATIONAL, INC.
(Registrant)
Date:July 27, 2023By:/s/  LLOYD A. HAJDIK
Lloyd A. Hajdik
Executive Vice President, Chief Financial Officer & Treasurer

oislarge10-2020a.jpg    
EXHIBIT 99.1

Oil States Announces Second Quarter 2023 Results
•Net income of $0.6 million, or $0.01 per diluted share, reported for the quarter
•Revenue of $183.5 million, while down 6% sequentially, increased 1% year-over-year
•Adjusted EBITDA (a non-GAAP measure(1)) of $19.0 million decreased $2.4 million sequentially but increased $2.0 million year-over-year
•Generated operating cash flow of $44.7 million in the quarter
•Offshore/Manufactured Products segment's backlog increased sequentially for a fourth consecutive quarter totaling $338 million as of June 30, with a quarterly book-to-bill ratio of 1.1x
•Invested $3.0 million in share repurchases
HOUSTON, July 27, 2023 – Oil States International, Inc. (NYSE: OIS):
Three Months Ended% Change
(Unaudited, In Thousands, Except Per Share Amounts)
June 30,
2023		March 31,
2023		June 30,
2022		SequentialYear-over-Year
Consolidated results:
Revenues$183,529 $196,199 $181,834 (6)%1 %
Operating income (loss)$3,269 $5,875 $(1,090)(44)%nm
Net income (loss)$558 $2,158 $(5,144)(74)%nm
Diluted earning per share$0.01 $0.03 $(0.08)(67)%nm
Adjusted EBITDA(1)
$19,016 $21,407 $16,988 (11)%12 %
Revenues by segment:
Offshore/Manufactured Products$94,086 $98,199 $96,467 (4)%(2)%
Well Site Services64,536 67,058 54,819 (4)%18 %
Downhole Technologies24,907 30,942 30,548 (20)%(18)%
Operating income (loss) by segment:
Offshore/Manufactured Products$11,253 $11,090 $9,441 1 %19 %
Well Site Services4,732 6,966 601 (32)%nm
Downhole Technologies(2,536)(1,519)(1,485)(67)%(71)%
Adjusted Segment EBITDA (a non-GAAP measure(1)):
Offshore/Manufactured Products$15,981 $15,923 $14,735 — %8 %
Well Site Services11,425 13,223 8,874 (14)%29 %
Downhole Technologies1,639 2,756 2,854 (41)%(43)%
___________________
(1)Adjusted EBITDA and Adjusted Segment EBITDA are non-GAAP measures, see "Reconciliations of GAAP to Non-GAAP Financial Information" tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation.


Oil States International, Inc. reported net income of $0.6 million, or $0.01 per share, for the second quarter of 2023 on revenues of $183.5 million and Adjusted EBITDA of $19.0 million. These results compare to revenues of $196.2 million, net income of $2.2 million, or $0.03 per share, and Adjusted EBITDA of $21.4 million reported in the first quarter of 2023.
Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,
"Our reported second quarter results reflect the dueling trends of activity declines in U.S. shale basins with offsetting growth in offshore and international regions. Despite sequentially weaker second quarter revenues and Adjusted EBITDA, we confirm our full-year guidance of $92 to $100 million of Adjusted EBITDA based upon expected contributions from the ongoing recovery in offshore activity. Our forecast is supported by the backlog growth that we have witnessed at our Offshore/Manufactured Products segment, which increased to $338 million in the second quarter of 2023 – a quarter-end level last observed at the end of 2015.
"We generated very strong cash flow from operations of $45 million in the second quarter, invested $11 million in capital equipment, repurchased $3 million of our common stock and repaid all amounts outstanding under the revolving credit facility. With cash on-hand of $42 million and no significant debt maturities until 2026, we are in a strong position to create stockholder value.
"We remain encouraged by the continued recovery in offshore activity coupled with future benefits to be gained from new product introductions."
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues of $94.1 million, operating income of $11.3 million and Adjusted Segment EBITDA of $16.0 million in the second quarter of 2023, compared to revenues of $98.2 million, operating income of $11.1 million and Adjusted Segment EBITDA of $15.9 million reported in the first quarter of 2023. Adjusted Segment EBITDA margin in the second quarter of 2023 was 17%, compared to 16% in the prior quarter.
Backlog totaled $338 million as of June 30, 2023, an increase of $12 million, or 4%, from March 31, 2023 and $97 million, or 40%, from June 30, 2022. The current quarter-end backlog is at its highest level since December 31, 2015. Second quarter 2023 bookings totaled $106 million, yielding a quarterly book-to-bill ratio of 1.1x (1.2x year-to-date).
Well Site Services
Well Site Services reported revenues of $64.5 million, operating income of $4.7 million and Adjusted Segment EBITDA of $11.4 million in the second quarter of 2023, compared to revenues of $67.1 million, operating income of $7.0 million and Adjusted Segment EBITDA of $13.2 million reported in the first quarter of 2023. Adjusted Segment EBITDA margin was 18% in the second quarter of 2023, compared to 20% in the first quarter of 2023.
Downhole Technologies
Downhole Technologies reported revenues of $24.9 million, an operating loss of $2.5 million and Adjusted Segment EBITDA of $1.6 million in the second quarter of 2023, compared to revenues of $30.9 million, an operating loss of $1.5 million and Adjusted Segment EBITDA of $2.8 million reported in the first quarter of 2023. The segment's second quarter operating results included a $1.0 million non-cash provision for excess and obsolete inventory. Adjusted Segment EBITDA margin in the second quarter of 2023 was 7%, compared to 9% in the first quarter of 2023.
Corporate
Corporate operating expenses in the second quarter of 2023 totaled $10.2 million.
Interest Expense, Net
Net interest expense totaled $2.1 million in the second quarter of 2023, which included $0.4 million of non-cash amortization of deferred debt issuance costs.
Income Taxes
The Company recognized tax expense of $0.9 million on pre-tax income of $1.4 million during the second quarter of 2023. In the first quarter of 2023, the Company recognized a tax expense of $1.6 million on pre-tax income of $3.8 million.


Cash Flows
During the second quarter of 2023, the Company generated cash flows from operations of $44.7 million and invested $10.8 million in new equipment to support future growth.
The Company also repurchased 439 thousand shares of its common stock for $3.0 million in the second quarter of 2023. A total of $22.0 million remains available under the share repurchase authorization, which extends through February 2025.
Financial Condition
No borrowings were outstanding under the Company's asset-based revolving credit facility (the "ABL Facility") at June 30, 2023. Cash on-hand increased from $15.8 million at March 31, 2023 to $42.4 million at June 30, 2023. Liquidity (cash plus borrowing availability) totaled $133.4 million at June 30, 2023, with amounts available to be drawn under the ABL Facility totaling $90.9 million.
Conference Call Information
The call is scheduled for July 27, 2023 at 10 a.m. Central Daylight Time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 210-3346 in the United States or by dialing +1 (646) 960-0253 internationally and using the passcode 7534957. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company's website at www.ir.oilstatesintl.com.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. 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 www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A 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 herein are based on 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 others, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries ("OPEC") and other producing nations with respect to crude oil production levels and pricing, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the subsequently filed Quarterly Report on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2023		March 31,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Revenues:
Products$92,630 $99,840 $99,033 $192,470 $184,794 
Services90,899 96,359 82,801 187,258 161,084 
183,529 196,199 181,834 379,728 345,878 
Costs and expenses:
Product costs72,659 78,677 79,388 151,336 144,189 
Service costs69,371 72,058 62,768 141,429 124,571 
Cost of revenues (exclusive of depreciation and amortization expense presented below)142,030 150,735 142,156 292,765 268,760 
Selling, general and administrative expense23,528 24,016 23,757 47,544 47,590 
Depreciation and amortization expense15,537 15,256 17,239 30,793 35,056 
Other operating (income) expense, net
(835)317 (228)(518)(102)
180,260 190,324 182,924 370,584 351,304 
Operating income (loss)
3,269 5,875 (1,090)9,144 (5,426)
Interest expense, net(2,059)(2,391)(2,638)(4,450)(5,310)
Other income, net
210 276 376 486 1,401 
Income (loss) before income taxes
1,420 3,760 (3,352)5,180 (9,335)
Income tax provision
(862)(1,602)(1,792)(2,464)(5,233)
Net income (loss)
$558 $2,158 $(5,144)$2,716 $(14,568)
Net income (loss) per share:
Basic$0.01 $0.03 $(0.08)$0.04 $(0.24)
Diluted0.01 0.03 (0.08)0.04 (0.24)
Weighted average number of common shares outstanding:
Basic62,803 62,825 60,704 62,814 60,601 
Diluted63,174 63,072 60,704 63,161 60,601 



OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, 2023December 31, 2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$42,420 $42,018 
Accounts receivable, net180,917 218,769 
Inventories, net205,132 182,658 
Prepaid expenses and other current assets28,217 19,317 
Total current assets456,686 462,762 
Property, plant, and equipment, net296,015 303,835 
Operating lease assets, net23,266 23,028 
Goodwill, net79,778 79,282 
Other intangible assets, net161,476 169,798 
Other noncurrent assets27,799 25,687 
Total assets$1,045,020 $1,064,392 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$513 $17,831 
Accounts payable56,726 73,251 
Accrued liabilities42,987 49,057 
Current operating lease liabilities6,750 6,142 
Income taxes payable2,740 2,605 
Deferred revenue53,027 44,790 
Total current liabilities162,743 193,676 
Long-term debt135,273 135,066 
Long-term operating lease liabilities20,027 20,658 
Deferred income taxes8,601 6,652 
Other noncurrent liabilities20,271 18,782 
Total liabilities346,915 374,834 
Stockholders' equity:
Common stock772 766 
Additional paid-in capital1,125,647 1,122,292 
Retained earnings274,743 272,027 
Accumulated other comprehensive loss(71,522)(78,941)
Treasury stock(631,535)(626,586)
Total stockholders' equity698,105 689,558 
Total liabilities and stockholders' equity$1,045,020 $1,064,392 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net income (loss)$2,716 $(14,568)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense30,793 35,056 
Stock-based compensation expense3,361 3,504 
Amortization of deferred financing costs892 944 
Deferred income tax provision997 2,584 
Gains on disposals of assets(561)(1,185)
Settlement of disputes with seller of GEODynamics, Inc.— 620 
Other, net(267)360 
Changes in operating assets and liabilities, net of effect from acquired business:
Accounts receivable39,042 (20,469)
Inventories(21,197)(14,664)
Accounts payable and accrued liabilities(25,924)(5,994)
Deferred revenue8,237 4,647 
Other operating assets and liabilities, net653 (870)
Net cash flows provided by (used in) operating activities38,742 (10,035)
Cash flows from investing activities:
Capital expenditures(17,338)(6,453)
Proceeds from disposition of property and equipment690 1,652 
Acquisition of business, net of cash acquired— (8,125)
Other, net(66)(85)
Net cash flows used in investing activities(16,714)(13,011)
Cash flows from financing activities:
Revolving credit facility borrowings35,592 9,725 
Revolving credit facility repayments(35,592)(9,725)
Repayment of 1.50% convertible senior notes(17,315)(6,272)
Other debt and finance lease repayments(226)(359)
Payment of financing costs(95)(74)
Purchases of treasury stock(3,001)— 
Shares added to treasury stock as a result of net share settlements
due to vesting of stock awards		(1,948)(1,002)
Net cash flows used in financing activities(22,585)(7,707)
Effect of exchange rate changes on cash and cash equivalents959 147 
Net change in cash and cash equivalents402 (30,606)
Cash and cash equivalents, beginning of period42,018 52,852 
Cash and cash equivalents, end of period$42,420 $22,246 
Cash paid (received) for:
Interest$4,060 $4,105 
Income taxes, net (1,475)291 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2023
March 31,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Revenues(1):
Offshore/Manufactured Products
Project-driven:
Products$32,210 $39,132 $41,098 $71,342 $74,942 
Services24,846 24,630 23,995 49,476 48,293 
57,056 63,762 65,093 120,818 123,235 
Military and other products7,965 6,997 7,763 14,962 13,109 
Short-cycle products29,065 27,440 23,611 56,505 44,235 
Total Offshore/Manufactured Products94,086 98,199 96,467 192,285 180,579 
Well Site Services64,536 67,058 54,819 131,594 102,991 
Downhole Technologies24,907 30,942 30,548 55,849 62,308 
Total revenues$183,529 $196,199 $181,834 $379,728 $345,878 
Operating income (loss):
Offshore/Manufactured Products$11,253 $11,090 $9,441 $22,343 $19,637 
Well Site Services4,732 6,966 601 11,698 (2,794)
Downhole Technologies(2,536)(1,519)(1,485)(4,055)(2,990)
Corporate(10,180)(10,662)(9,647)(20,842)(19,279)
Total operating income (loss)$3,269 $5,875 $(1,090)$9,144 $(5,426)
________________
(1)The Company revised its supplemental disclosure of disaggregated revenue information in the second quarter of 2023. Prior-period disclosures of disaggregated revenue information were conformed with the current-period presentation.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (A)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2023		March 31,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Net income (loss)$558 $2,158 $(5,144)$2,716 $(14,568)
Interest expense, net2,059 2,391 2,638 4,450 5,310 
Income tax provision862 1,602 1,792 2,464 5,233 
Depreciation and amortization expense15,537 15,256 17,239 30,793 35,056 
Settlement of disputes with seller of GEODynamics, Inc.— — 620 — 620 
Gains on extinguishment of 1.50% convertible senior notes— — (157)— (157)
Adjusted EBITDA$19,016 $21,407 $16,988 $40,423 $31,494 
________________
(A)The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, and loss on settlement of disputes with the seller of GEODynamics, Inc., less gains on extinguishment of 1.50% convertible senior notes (the "2023 Notes"). Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted EBITDA as a supplemental disclosure because its management believes that Adjusted EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted EBITDA to net income (loss), which is the most directly comparable measure of financial performance calculated under GAAP.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA (B)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2023		March 31,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Offshore/Manufactured Products:
Operating income$11,253 $11,090 $9,441 $22,343 $19,637 
Other income, net81 165 45 246 86 
Depreciation and amortization expense4,647 4,668 5,249 9,315 10,579 
Adjusted Segment EBITDA$15,981 $15,923 $14,735 $31,904 $30,302 
Well Site Services:
Operating income (loss)$4,732 $6,966 $601 $11,698 $(2,794)
Other income, net129 111 878 240 1,864 
Depreciation and amortization expense6,564 6,146 7,395 12,710 15,327 
Adjusted Segment EBITDA$11,425 $13,223 $8,874 $24,648 $14,397 
Downhole Technologies:
Operating loss$(2,536)$(1,519)$(1,485)$(4,055)$(2,990)
Other expense, net— — (84)— (86)
Depreciation and amortization expense4,175 4,275 4,423 8,450 8,807 
Adjusted Segment EBITDA$1,639 $2,756 $2,854 $4,395 $5,731 
Corporate:
Operating loss$(10,180)$(10,662)$(9,647)$(20,842)$(19,279)
Other expense, net— — (463)— (463)
Depreciation and amortization expense151 167 172 318 343 
Settlement of disputes with seller of GEODynamics, Inc.— — 620 — 620 
Gains on extinguishment of 1.50% convertible senior notes— — (157)— (157)
Adjusted Segment EBITDA$(10,029)$(10,495)$(9,475)$(20,524)$(18,936)
________________
(B)The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, and loss on settlement of disputes with the seller of GEODynamics, Inc., less gains on extinguishment of the 2023 Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP.

Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
SOURCE: Oil States International, Inc.

v3.23.2
Document And Entity Information Document
Jul. 27, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 27, 2023
Entity Registrant Name Oil States International, Inc
Entity Incorporation, State or Country Code DE
Entity File Number 1-16337
Entity Tax Identification Number 76-0476605
Entity Address, Address Line One Three Allen Center, 333 Clay Street
Entity Address, Address Line Two Suite 4620
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
City Area Code 713
Local Phone Number 652-0582
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol OIS
Security Exchange Name NYSE
Entity Central Index Key 0001121484
Amendment Flag false
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