Oil States Earns $600M In Sale Of Tubular Services Business

Law360, New York (September 6, 2013, 4:51 PM EDT) -- Oil States International Inc. has sold its tubular services business to an oil and energy company for $600 million to enhance its shareholder value, the Texas-based company announced on Friday.

The oilfield services company said it would use the net proceeds from the sale of 75-year-old Sooner Inc. and its subsidiaries to Houston-based Marubeni-Itochu Tubulars America Inc. to repay outstanding debt as well as for corporate purposes, including share repurchases.

"We are pleased to complete this transaction, which allows us to invest further in our accommodations, well...
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