2020. 2. 8. 23:39ㆍ카테고리 없음
Apr 15, 2011 - During 2010, Oil States capitalized on our competitive market. The MAC has over 5,200 rooms in. Making Oil States such a success over.
The MAC Shareholders Approve Acquisition by Oil States HOUSTON, Dec 13, 2010 (GlobeNewswire via COMTEX) - Oil States International, Inc. (NYSE:OIS) announced today that the shareholders of The MAC Services Group Limited (ASX:MSL) (The MAC) have approved the previously announced definitive merger agreement under Scheme of Arrangement in accordance with Australian law. The Scheme remains subject to the approval of the Supreme Court of New South Wales at a court hearing currently scheduled for December 15, 2010. 'We are pleased that The MAC's shareholders have accepted our proposal and are ready to welcome The MAC to Oil States,' stated Cindy B. Taylor, Oil States' president and chief executive officer. 'This transaction will broaden the breadth and scope of our accommodations capabilities and will better position us to serve our clients internationally.' About Oil States International Oil States International, Inc.
Is a diversified oilfield services company. With locations around the world, Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. Oil States is publicly traded on the New York Stock Exchange under the symbol OIS. The Oil States International, Inc. Logo is available at About The MAC Services Limited The MAC Services Group Limited (The MAC) is one of Australia's largest integrated accommodations group, specializing in mixed-use villages for people that work and live in key natural resource regions. The MAC currently has over 400 staff and more than 5,000 permanent rooms under management in the Bowen Basin (Queensland) and in Kambalda (Western Australia). Forward-Looking Statements 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 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 with the SEC on November 5, 2010.
Overview — U.S. Oilfield services company Oil States International Inc.’s credit metrics have improved since the Mac group acquisition in late 2010 and we expect the company to continue to post strong operating performance in the next 12 to 18 months. — We are revising the outlook on Oil States to positive from stable and affirming our ratings, including the ‘BB’ corporate credit rating. — The positive outlook reflects our assessment that Oil States’ credit quality could be compatible with a ‘BB+’ rating in the next 12 months. Rating Action On May 23, 2012, Standard & Poor’s Ratings Services revised its outlook on Houston-based Oil States International Inc. To positive from stable. At the same time, we affirmed our ratings on Oil States, including the ‘BB’ corporate credit rating.
Rationale The positive outlook reflects Oil States’ improved credit metrics since the acquisition of the MAC group and that we expect to raise the rating on the company in the next 12 months if the company maintains a leverage ratio below 2.25x. Based on our assumption of a revenue growth of 22% and 12% and an EBITDA margin of 18% and 16% in 2012 and 2013, respectively, as well as capital expenditures of $500 million to $700 million, debt to EBITDA should remain at about 1.8x for the next couple of years.
Oil States Makes Room For Machines
We believe that the main risks to our forecasts remain the possibility of a large, debt-financed acquisition (such as the past MAC group acquisition) or a lower-than-expected resilience of the group’s businesses to deteriorating conditions in the oil field services industry. The ratings on Oil States International Inc. (OIS) continue to reflect the company’s fair business risk profile due to its geographic concentration in Canada and Australia in its accommodations business segment, exposure to the inherent volatility of onshore and offshore drilling activity in its offshore products, and well site services and low margin tubular services business segments. The ratings also reflect the company’s significant risk profile stemming from an aggressive growth strategy and the significantplanned capital expenditures for 2012. Ratings also reflect OIS’ strong liquidity and moderate debt leverage, some product diversification among its four business segments, and good near-term growth prospects for its accommodations business segment.
We believe that OIS’ higher margin accommodations business segment, which represents nearly 60% of the company’s EBITDA, provides some stability to its overall operations, as its customer base typically has long-term operating strategies in the key Canadian oil sands and Australia markets that result in recurring accommodation needs. OIS also has a degree of operating flexibility and low operating leverage in this segment, allowing it to reduce costs and capital expenditures somewhat, should demand decline. OIS has a good market position, growing and diversifying this business through the acquisition of MAC Services Group Ltd.
In December 2010. 31, 2012, the company had nearly 10,000 rooms in the Canadian oil sands region and more than 7,000 rooms in Australia.
We expect OIS will spend a substantial portion of its planned $700 million in capital expenditures in 2012 to increase its room inventory in these markets. We believe the company’s operations remain vulnerable to a decrease in oil and gas capital investment, particularly if oil prices face a substantial and prolonged decline. However, we do not expect oil prices to meaningfully decline in the near term. Despite favorable near-term growth prospects for the company’s offshore products, well site services, and tubular services businesses, primarily due to higher oil prices, we believe these business segments have more inherent volatility to their operations than the accommodations segment and are lower-margin. The well site services and tubular services businesses are extremely volatile and also compete with larger competitors such as Schlumberger Ltd.
And Halliburton Co. Demand is primarily correlated with onshore rig counts in the U.S. Although the U.S. Rig count increased in 2010 and 2011 as companies focused on drilling activities in liquids-rich plays such as the Eagleford Shale and Bakken Shale, this count has declined since the beginning of 2012 due to historically low natural gas prices.
We expect OIS’ debt leverage to be moderate, at 1.8x at year-end 2012 and 2013. We expect free cash flow to be negative by $200 million in 2012 and just break even in 2013 due to higher capital expenditure levels. Despite the company’s financial policy to maintain leverage at about 2x, we view the company’s financial policy as aggressive, with the risk oflarge, debt-financed acquisition such as the MAC acquisition in late 2010, and OIS’ significant planned capital expenditures of $700 million in 2012. We do not assume any debt-financed acquisitions or share repurchases in the ratings.
Liquidity OIS’ liquidity is strong. OIS’ sources of liquidity cover what we expect to be its uses of liquidity by more than 1.8x in 2012 and more than 1.7x in 2013. The company’s sources of liquidity include: — A $500 million U.S. Revolving credit facility, and a $250 million Canadian revolving credit facility, both maturing in 2015, and an A$150 million Australian revolving credit facility maturing in 2013. As of March 31, 2012, OIS had $105 million outstanding on its US revolving facility and $36 million (about A$36.2 million) outstanding on its Australian facility. — $70 million of cash balance as of March 31, 2012. OIS has a $175 million convertible senior note offering that can be put to the company in 2012, which we expect the company to pay off with cash on hand and borrowings under its revolving credit facilities.
Financial covenants under the bank facilities include a maximum leverage ratio of 3.25x in 2012, stepping down to 3.0x in 2013 and thereafter, and a minimum interest coverage ratio of 3x. We expect OIS to remain well within compliance of these ratios. Recovery analysis For a complete recovery analysis, see our recovery report on Oil States International Inc. Published on RatingsDirect on June 6, 2011.
Oil States Makes Room For Mac Free
Outlook The positive outlook reflects our expectation that OIS’ more stable accommodations business should mitigate the cyclicality of its other operations and that the company will be able to grow this business without jeopardizing credit metrics. We would consider an upgrade to ‘BB+’ if the company continues to deliver strong operating results and sustains leverage below 2.25x over the next 12 months. We would revise the outlook back to stable if leverage increases above 3x on a persistent basis because of deteriorating operating results or a leveraging transaction. Related Criteria And Research — Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 — Criteria Guidelines For Recovery Ratings, Aug. — Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009 — Corporate Ratings Criteria 2008, published April 15, 2008.
Oil States Makes Room For Mac
Ratings List Ratings Affirmed; Outlook Revised to Positive To From Oil States International Inc. Corporate Credit Rating BB/Positive/— BB/Stable/— Senior Unsecured BB Recovery Rating 4.