Tempress designs, develops and markets specialized hydraulically activated tools used during downhole completion activities, and Oil States President and CEO Cindy Taylor said the company will be a “welcome addition” to the tools and services offered by Oil States’ subsidiary, Oil States Energy Services.
“I am excited about the strength of the products and customer relationships that Tempress will bring to our broad suite of completion tools and services,” Taylor said in a statement announcing the acquisition.
Patricia Gil, manager of investor relations for Oil States, said the deal closed Friday.
The deal, subject to customary post-closing adjustments, will be funded under Oil States’ existing U.S. revolving credit line, Gil said.
Oil States International, a Houston-based diversified oilfield services company, operates around the world, with manufacturing facilities primarily in the United States and the United Kingdom. It provides services for both onshore and offshore drilling.
Oil States has about 8,000 employees; Tempress has 11, and Gil said they would be absorbed as part of the deal.
The company began as a tubular services company in 1937, gradually adding services and expanding.
Tempress Technologies was founded in 1997 in the Seattle suburb of Kent. It is expected to generate about $8 million in earnings before interest, taxes, depreciation and amortization for the 12 months ending Dec. 31, 2012, according to the announcement.