Oil States Awarded PTTEP Contract for the Supply of Marine Cranes
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HOUSTON, Feb. 8, 2011 (GLOBE NEWSWIRE) -- Today, Oil States International, Inc. announced that its subsidiary, Oil States Industries (Thailand) Ltd., has been awarded a three-year contract valued at approximately $14 million USD (THB 432 million) to supply Offshore Marine Cranes to PTT Exploration and Production Company Limited (PTTEP). These cranes will be installed on new wellhead platforms in the Gulf of Thailand for the Bongkot and Arthit concession areas. The first six cranes will be delivered during the second half of 2011.
"This is a significant achievement for Oil States," said Frank Timmons, General Manager of Oil States Thailand, "which further enhances our leadership position in Thailand and the Southeast Asian markets and demonstrates the confidence PTTEP has in our Nautilus brand of offshore marine cranes."
Offshore marine cranes are typically installed on fixed or floating offshore structures and are used to transfer both equipment and people between supply vessels and the platform deck. These cranes are designed to strict engineering standards to ensure safe and reliable operation in the challenging marine environment.
A subsidiary of Oil States International, Inc. , Oil States Industries is a leading manufacturer of API certified marine cranes, and also provides a broad range of highly engineered products and services to the offshore and onshore oil and gas industry. Oil States Thailand is a leading marine crane equipment and service provider in Thailand, and is a licensed distributor and repair facility for many crane components and systems. Oil States Thailand provides parts and service support for marine offshore cranes throughout the Asian region from its facility in Rayong province.
The foregoing contains forward-looking statements within the meaning 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 therein will be based on then 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 other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" and "Risk Factor" sections of the Form 10-K for the year ended December 31, 2009 filed by Oil States International with the SEC on February 22, 2010 and the "Risk Factor" section of the Form 10-Q for the period ended September 30, 2010 filed by Oil States International with the SEC on November 5, 2010.
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