Oil States International used sale proceeds to repay debt, says CEO

By Lisa Kerner

Charlotte, N.C., Feb. 12 - Oil States International, Inc. used the proceeds from the sale of a business segment in 2013 to pay down outstanding secured debt, said president and chief executive officer Cindy B. Taylor.

The remaining proceeds are on the balance sheet for corporate purposes, including share repurchases.

Taylor made her comments during a presentation at the Credit Suisse Energy Summit on Wednesday.

In September, Oil States announced it sold its tubular services business, Sooner, Inc., to Marubeni-Itochu Tubulars America, Inc. for $600 million.

Oil States' board, in connection with the sale, increased the authorized share repurchase program to $500 million from $200 million. About $473 million remained under the program in September.

Houston-based Oil States is a diversified oilfield services company.

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