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Oil States Announces Third Quarter 2020 Results of Operations

Oil States International, Inc.
·21 min read

HOUSTON, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE: OIS) reported a net loss of $20.0 million, or $0.33 per share, for the third quarter of 2020, on revenues of $134.8 million. Consolidated EBITDA (Note A) was $0.1 million. The reported third quarter 2020 net loss included the following more significant charges and gains:

  • Non-cash write-down of inventory totaling $5.9 million ($4.7 million after-tax, or $0.08 per share)

  • Non-cash gains on extinguishment of convertible senior notes of $5.9 million ($4.7 million after-tax, or $0.08 per share)

Third quarter 2020 highlights and corporate actions included:

  • Generated $87.0 million in cash flow from operations

  • Reduced net debt (defined as total debt less cash) by $91.9 million, including the repayment of $52.0 million of revolver borrowings and the purchase of $17.2 million principal amount of the convertible senior notes at an average discount to par value of 45%

Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,

"Our third quarter results were generally in line with our internal forecasts and the limited guidance that we were able to provide but the mix was different. Our Offshore/Manufactured Products segment results were below our previous guidance due to delays in customer activity and timing of orders. Our third quarter bookings improved sequentially to $70 million, including two notable project awards exceeding $10 million each, yielding a book-to-bill ratio for the third quarter of 0.9x. Backlog totaled $227 million as of September 30, 2020, a sequential decline of 3%. Reflecting some improvement in U.S. land activity in the latter part of the quarter, revenues in our Well Site Services and Downhole Technologies segments increased 3% and 25% sequentially, despite numerous storm disruptions in the U.S. Gulf of Mexico, which hampered our offshore Completion Services activity.

"We generated $87 million in cash flow from operations during the third quarter and reduced our net debt by $92 million, demonstrating our continued emphasis on reducing costs and implementing strict capital discipline in this challenging operating environment while continuing to support our customers with strong technology offerings and safe operations. Since December 31, 2019, we have generated $131 million in cash flow from operations and have reduced our net debt by $130 million."

BUSINESS SEGMENT RESULTS

(See Segment Data tables)

Offshore/Manufactured Products

Offshore/Manufactured Products reported revenues of $78.7 million and Segment EBITDA (Note B) of $9.4 million in the third quarter of 2020, compared to revenues of $94.9 million and Segment EBITDA of $15.0 million reported in the second quarter of 2020. Revenues decreased 17% sequentially, due primarily to a reduction in the segment's connector product sales. Segment EBITDA margin in the third quarter of 2020 was 12% compared to 16% in the second quarter of 2020.

Backlog totaled $227 million at September 30, 2020, a decrease of 3% sequentially and 23% year-over-year. During the third quarter, the segment received two notable project awards exceeding $10 million each. Third quarter 2020 bookings of $70 million were up sequentially, yielding a book-to-bill ratio of 0.9x in the period.

Well Site Services

Well Site Services reported revenues of $37.4 million and a Segment EBITDA loss of $0.3 million in the third quarter of 2020, compared to revenues of $36.3 million and a Segment EBITDA loss of $5.4 million reported in the second quarter of 2020. Included in the third quarter 2020 results for the Completion Services business were $1.2 million of expenses associated with prior-year insurance claims and a bad debt provision on a receivable from a customer claiming bankruptcy protection. During the second quarter of 2020, the Completion Services business recorded a non-cash fixed asset impairment charge of $3.0 million, severance and downsizing charges of $3.5 million and a $0.7 million bad debt provision on a receivable from a customer claiming bankruptcy protection.

Downhole Technologies

Downhole Technologies reported revenues of $18.7 million and a Segment EBITDA loss of $1.0 million in the third quarter of 2020, compared to revenues of $15.0 million and a Segment EBITDA loss of $5.5 million reported in the second quarter of 2020. During the third quarter of 2020, the Downhole Technologies segment recorded a non-cash inventory impairment charge of $5.9 million. In the second quarter of 2020, the segment recorded a $1.5 million bad debt provision on a receivable from a customer claiming bankruptcy protection and $1.3 million of expenses associated with workforce reductions and facility closures.

Interest Expense, Net

The Company reported net interest expense of $3.5 million in the third quarter of 2020, including $1.9 million of non-cash amortization of debt discount and deferred financing costs.

Other Income, Net

During the third quarter of 2020, the Company recognized non-cash gains of $5.9 million in connection with the purchases of $17.2 million principal amount of its 1.50% convertible senior notes (due February 2023) at a significant discount to the carrying value of the recorded liability. In the second quarter of 2020, the Company recognized non-cash gains of $4.8 million in connection with the purchases of $12.0 million principal amount of the convertible senior notes.

Income Taxes

The Company recognized an effective tax rate benefit of 27.8% in the third quarter of 2020, which compared to an effective tax rate benefit of 21.9% in the second quarter of 2020. The Company received $41.3 million in the third quarter of 2020 related to its 2018 and 2019 net operating loss carryback claims afforded under the CARES Act.

Financial Condition

As of September 30, 2020, $19.0 million was outstanding under the Company's revolving credit facility, compared to $71.0 million outstanding as of June 30, 2020. Cash on-hand totaled $79.7 million as of September 30, 2020, compared to $53.8 million as of June 30, 2020. The total amount available to be drawn under the revolving credit facility was $83.8 million as of October 1, 2020.

During the third quarter of 2020, the Company purchased $17.2 million principal amount of its outstanding 1.50% convertible senior notes for $9.5 million in cash. Since September 2019, the Company has purchased $42.6 million principal amount of its convertible senior notes for $26.8 million in cash.

The Company's total debt represented 20% of combined total debt and stockholders' equity as of September 30, 2020, compared to 25% as of June 30, 2020.

Conference Call Information

The call is scheduled for October 30, 2020 at 10:00 a.m. Central 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) 771-4371 in the United States or by dialing +1 (847) 585-4405 internationally and using the passcode 49966262. A replay of the conference call will be available one and a half 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 products and services company predominantly serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. The Company’s manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. 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.

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 of and demand for oil and natural gas, fluctuations in the prices thereof, the cyclical nature of the oil and natural gas industry, the impact of the COVID-19 pandemic on our Company and our customers and the other risks associated with the general nature of the energy service industry discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, Periodic Reports on Form 8-K and Quarterly Reports on Form 10-Q. 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

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Revenues:

Products

$

72,598

$

82,643

$

122,067

$

258,221

$

363,360

Services

62,161

63,602

141,630

242,477

415,633

134,759

146,245

263,697

500,698

778,993

Costs and expenses:

Product costs

66,789

68,088

90,796

224,623

275,353

Service costs

53,822

59,995

110,294

221,673

333,727

Cost of revenues (exclusive of depreciation and amortization expense presented below)(1)

120,611

128,083

201,090

446,296

609,080

Selling, general and administrative expense

21,389

23,992

31,935

71,505

93,527

Depreciation and amortization expense

24,251

24,646

31,366

75,306

94,800

Impairments of goodwill

406,056

Impairments of fixed assets

2,992

33,697

8,190

33,697

Other operating expense (income), net

(652

)

(134

)

519

(679

)

34

165,599

179,579

298,607

1,006,674

831,138

Operating loss

(30,840

)

(33,334

)

(34,910

)

(505,976

)

(52,145

)

Interest expense, net

(3,549

)

(4,179

)

(4,352

)

(11,232

)

(13,721

)

Other income, net(2)

6,744

5,994

1,190

13,512

2,866

Loss before income taxes

(27,645

)

(31,519

)

(38,072

)

(503,696

)

(63,000

)

Income tax benefit

7,676

6,893

6,204

54,060

6,744

Net loss

$

(19,969

)

$

(24,626

)

$

(31,868

)

$

(449,636

)

$

(56,256

)

Net loss per share:

Basic

$

(0.33

)

$

(0.41

)

$

(0.54

)

$

(7.52

)

$

(0.95

)

Diluted

$

(0.33

)

$

(0.41

)

$

(0.54

)

$

(7.52

)

$

(0.95

)

Weighted average number of common shares outstanding:

Basic

59,871

59,839

59,423

59,788

59,362

Diluted

59,871

59,839

59,423

59,788

59,362


(1)

Cost of revenues (exclusive of depreciation and amortization expense) included a non-cash inventory impairment charge of $5.9 million (in product costs) recognized in the third quarter of 2020. For the first nine months of 2020, cost of revenues (exclusive of depreciation and amortization expense) included non-cash inventory impairment charges of $31.2 million ($17.9 million in product costs and $13.3 million in service costs).

(2)

Other income, net included non-cash gains of $5.9 million recognized in connection with the purchases of $17.2 million principal amount of the 1.50% convertible senior notes in the third quarter of 2020. For the nine months ended September 30, 2020, other income, net included non-cash gains totaling $10.7 million recognized in connection with the purchases of $34.9 million principal amount of the 1.50% convertible senior notes.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)

September 30, 2020

December 31, 2019

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

79,701

$

8,493

Accounts receivable, net

158,184

233,487

Inventories, net

180,497

221,342

Prepaid expenses and other current assets

14,921

20,107

Total current assets

433,303

483,429

Property, plant, and equipment, net

390,962

459,724

Operating lease assets, net

36,902

43,616

Goodwill, net

76,051

482,306

Other intangible assets, net

211,804

230,091

Other noncurrent assets

31,764

28,701

Total assets

$

1,180,786

$

1,727,867

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

25,620

$

25,617

Accounts payable

36,666

78,368

Accrued liabilities

49,755

48,840

Current operating lease liabilities

7,942

8,311

Income taxes payable

3,501

4,174

Deferred revenue

48,851

17,761

Total current liabilities

172,335

183,071

Long-term debt

163,526

222,552

Long-term operating lease liabilities

30,459

35,777

Deferred income taxes

26,643

38,079

Other noncurrent liabilities

23,485

24,421

Total liabilities

416,448

503,900

Stockholders' equity:

Common stock

733

726

Additional paid-in capital

1,119,860

1,114,521

Retained earnings

348,074

797,710

Accumulated other comprehensive loss

(80,410

)

(67,746

)

Treasury stock

(623,919

)

(621,244

)

Total stockholders' equity

764,338

1,223,967

Total liabilities and stockholders' equity

$

1,180,786

$

1,727,867


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

Nine Months Ended September 30,

2020

2019

Cash flows from operating activities:

Net loss

$

(449,636

)

$

(56,256

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization expense

75,306

94,800

Impairments of goodwill

406,056

Impairments of inventories

31,151

Impairments of fixed assets

8,190

33,697

Stock-based compensation expense

5,346

12,822

Amortization of debt discount and deferred financing costs

5,937

5,903

Deferred income tax benefit

(16,915

)

(11,935

)

Gains on extinguishment of 1.50% convertible senior notes

(10,721

)

Gains on disposals of assets

(2,088

)

(2,310

)

Other, net

3,732

1,216

Changes in operating assets and liabilities:

Accounts receivable

67,371

24,993

Inventories

9,174

(6,867

)

Accounts payable and accrued liabilities

(39,594

)

3,143

Income taxes payable

248

1,948

Deferred revenue

31,114

11,793

Other operating assets and liabilities, net

6,471

2,947

Net cash flows provided by operating activities

131,142

115,894

Cash flows from investing activities:

Capital expenditures

(11,277

)

(45,832

)

Proceeds from disposition of property, plant and equipment

8,984

3,619

Other, net

(444

)

(1,534

)

Net cash flows used in investing activities

(2,737

)

(43,747

)

Cash flows from financing activities:

Revolving credit facility borrowings

72,173

175,306

Revolving credit facility repayments

(105,104

)

(246,450

)

Purchases of 1.50% convertible senior notes

(20,078

)

(858

)

Other debt and finance lease repayments, net

(337

)

(434

)

Payment of financing costs

(962

)

(18

)

Shares added to treasury stock as a result of net share settlements
due to vesting of stock awards

(2,675

)

(3,698

)

Purchases of treasury stock

(757

)

Net cash flows used in financing activities

(56,983

)

(76,909

)

Effect of exchange rate changes on cash and cash equivalents

(214

)

101

Net change in cash and cash equivalents

71,208

(4,661

)

Cash and cash equivalents, beginning of period

8,493

19,316

Cash and cash equivalents, end of period

$

79,701

$

14,655

Cash paid (received) for:

Interest

$

5,716

$

8,378

Income taxes, net

(37,393

)

(2,522

)


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(unaudited)

Three Months Ended

Nine Months Ended

September 30,

2020(2)

June 30,

2020(3)

September 30,

2019(4)

September 30,

2020(5)

September 30,

2019(6)

Revenues:

Well Site Services:

Completion Services

$

34,893

$

36,175

$

103,966

$

153,994

$

307,928

Drilling Services

2,479

169

12,034

7,179

32,430

Total Well Site Services

37,372

36,344

116,000

161,173

340,358

Downhole Technologies

18,713

14,965

42,882

74,743

143,912

Offshore/Manufactured Products(1):

Project-driven products

41,004

51,365

39,474

129,157

105,236

Short-cycle products

7,864

11,452

34,698

41,334

101,722

Other products and services

29,806

32,119

30,643

94,291

87,765

Total Offshore/Manufactured Products

78,674

94,936

104,815

264,782

294,723

Total revenues

$

134,759

$

146,245

$

263,697

$

500,698

$

778,993

Operating income (loss):

Well Site Services:

Completion Services

$

(14,330)

$

(22,475)

$

1,719

$

(176,408)

$

(2,282)

Drilling Services

458

(445)

(36,495)

(5,338)

(43,655)

Total Well Site Services

(13,872)

(22,920)

(34,776)

(181,746)

(45,937)

Downhole Technologies

(12,594)

(11,110)

659

(216,395)

3,251

Offshore/Manufactured Products

3,875

9,419

11,139

(82,202)

26,207

Corporate

(8,249)

(8,723)

(11,932)

(25,633)

(35,666)

Total operating loss

$

(30,840)

$

(33,334)

$

(34,910)

$

(505,976)

$

(52,145)


(1)

Disaggregated revenue data is provided to supplement the Segment Data.

(2)

Operating income (loss) for three months ended September 30, 2020 included a non-cash inventory impairment charge of $5.9 million related to the Downhole Technologies segment. In the Offshore/Manufactured Products segment, operating income (loss) included $0.3 million of severance charges.

(3)

Operating income (loss) for the three months ended June 30, 2020 included a non-cash fixed asset impairment charge of $3.0 million and severance and downsizing charges of $3.5 million related to the Completion Services business. In the Downhole Technologies segment, operating income (loss) included $1.3 million of severance and downsizing charges. In the Offshore/Manufactured Products segment, operating income (loss) included $0.3 million of severance charges.

(4)

Operating income (loss) for the three months ended September 30, 2019 included severance and downsizing charges of $0.3 million related to the Completion Services business and $0.4 million related to the Offshore/Manufactured Products segment and a non-cash fixed asset impairment charge of $33.7 million related to the Drilling Services business.

(5)

Operating income (loss) for the nine months ended September 30, 2020 included a non-cash goodwill impairment charge of $127.1 million, a non-cash inventory impairment charge of $9.0 million and severance and downsizing charges of $3.9 million related to the Completion Services business. In the Drilling Services business, operating income (loss) included a non-cash fixed asset impairment charge of $5.2 million and $0.2 million of severance and downsizing charges. In the Downhole Technologies segment, operating income (loss) included a non-cash goodwill impairment charge of $192.5 million, a non-cash inventory impairment charge of $5.9 million and $1.3 million of severance and downsizing charges. In the Offshore/Manufactured Products segment, operating income (loss) included a non-cash goodwill impairment charge of $86.5 million, non-cash inventory charges of $16.2 million and $0.7 million of severance charges.

(6)

Operating income (loss) for the nine months ended September 30, 2019 included severance and downsizing charges of $1.3 million related to the Completions Services business and $1.7 million related to the Offshore/Manufactured Products segment and a non-cash fixed asset impairment charge of $33.7 million related to the Drilling Services business.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
SEGMENT EBITDA (B)
(In Thousands)
(unaudited)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Well Site Services:

Completion Services:

Operating income (loss)

$

(14,330

)

$

(22,475

)

$

1,719

$

(176,408

)

$

(2,282

)

Depreciation and amortization expense

12,914

13,352

17,024

41,032

51,558

Impairment of goodwill

127,054

Impairment of inventories

8,981

Impairment of fixed assets

2,992

2,992

Other income

638

1,115

1,082

2,428

2,472

EBITDA

$

(778

)

$

(5,016

)

$

19,825

$

6,079

$

51,748

Drilling Services:

Operating income (loss)

$

458

$

(445

)

$

(36,495

)

$

(5,338

)

$

(43,655

)

Depreciation and amortization expense

16

16

3,164

302

9,729

Impairment of fixed assets

33,697

5,198

33,697

Other income

50

197

EBITDA

$

474

$

(429

)

$

416

$

162

$

(32

)

Total Well Site Services:

Operating loss

$

(13,872

)

$

(22,920

)

$

(34,776

)

$

(181,746

)

$

(45,937

)

Depreciation and amortization expense

12,930

13,368

20,188

41,334

61,287

Impairment of goodwill

127,054

Impairment of inventories

8,981

Impairments of fixed assets

2,992

33,697

8,190

33,697

Other income

638

1,115

1,132

2,428

2,669

Segment EBITDA

$

(304

)

$

(5,445

)

$

20,241

$

6,241

$

51,716

Downhole Technologies:

Operating income (loss)

$

(12,594

)

$

(11,110

)

$

659

$

(216,395

)

$

3,251

Depreciation and amortization expense

5,701

5,619

5,309

16,904

15,631

Impairment of goodwill

192,502

Impairment of inventories

5,921

5,921

Other income (expense)

(7

)

(13

)

(2

)

(97

)

12

Segment EBITDA

$

(979

)

$

(5,504

)

$

5,966

$

(1,165

)

$

18,894

Offshore/Manufactured Products:

Operating income (loss)

$

3,875

$

9,419

$

11,139

$

(82,202

)

$

26,207

Depreciation and amortization expense

5,401

5,476

5,680

16,505

17,240

Impairment of goodwill

86,500

Impairment of inventories

16,249

Other income

171

113

60

460

185

Segment EBITDA

$

9,447

$

15,008

$

16,879

$

37,512

$

43,632

Corporate:

Operating loss

$

(8,249

)

$

(8,723

)

$

(11,932

)

$

(25,633

)

$

(35,666

)

Depreciation and amortization expense

219

183

189

563

642

EBITDA

$

(8,030

)

$

(8,540

)

$

(11,743

)

$

(25,070

)

$

(35,024

)


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In Thousands)
(unaudited)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Net loss

$

(19,969

)

$

(24,626

)

$

(31,868

)

$

(449,636

)

$

(56,256

)

Income tax benefit

(7,676

)

(6,893

)

(6,204

)

(54,060

)

(6,744

)

Depreciation and amortization expense

24,251

24,646

31,366

75,306

94,800

Impairments of goodwill

406,056

Impairments of inventories

5,921

31,151

Impairments of fixed assets

2,992

33,697

8,190

33,697

Interest expense, net

3,549

4,179

4,352

11,232

13,721

Gains on extinguishment of 1.50% convertible senior notes

(5,942

)

(4,779

)

(10,721

)

Consolidated EBITDA (A)

$

134

$

(4,481

)

$

31,343

$

17,518

$

79,218


(A)

The term Consolidated EBITDA consists of net loss plus net interest expense, taxes, depreciation and amortization expense, and adjustments for certain other items such as non-cash asset impairment charges and gains on extinguishment of 1.50% convertible senior notes. Consolidated EBITDA is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net loss or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, Consolidated EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated 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 Consolidated 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 a reconciliation of Consolidated EBITDA to net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

(B)

The terms EBITDA and Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, and adjustments for certain other items such as non-cash asset impairment charges. EBITDA and Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA and Segment EBITDA as a supplemental disclosure because its management believes that EBITDA and Segment EBITDA provide 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 EBITDA and 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 tables above set forth reconciliations of EBITDA and Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

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.