HOUSTON, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that it has acquired Falcon Flowback Services, LLC (“Falcon”), a full service provider of flowback and well testing services for the separation and recovery of fluids, solid debris and proppant used during hydraulic fracturing operations. Falcon was acquired from Argonaut Private Equity, based in Tulsa, Oklahoma.

Falcon will provide additional scale and diversity to Oil States’ Completion Services well testing operations in key shale plays in the United States, with their seven service locations and over 400 employees.

The acquisition price was $85 million, on a cash-free and debt-free basis, and is subject to customary post-closing purchase price adjustments. The acquisition was funded by borrowings under Oil States’ revolving credit facility.

Cindy B. Taylor, Oil States’ President and Chief Executive Officer, commented, “With this acquisition of Falcon, we are able to expand our well testing footprint and equipment offerings which will afford Oil States greater scale and access to highly-trained field technicians in a tightening labor environment. We welcome Falcon’s employees to the Oil States family.”

About Oil States
Oil States International, Inc. is a global oilfield products and services company 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 gas. The Company is also a leading provider of completion services to the industry. Through its recent acquisition of GEODynamics, Inc., the Company is also a leading researcher, developer and manufacturer of engineered solutions to connect the wellbore with the formation in oil and gas well completions. 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.