Oilfield services provider Oil States International Inc said it sold its casing and tubing business to a private company for $600 million, a day after activist investor Jana Partners LLC disclosed a higher stake in the company.Oil States expects to use the proceeds to fund its increased share repurchase program and to repay debt. The company on Friday raised its share buyback program to $500 million from $200 million.Shares of the company rose 3 percent to $96.88 in late morning trade on the New York Stock Exchange.Oil States said the sale would help it invest in its accommodations, well-site services and offshore products businesses.
Oil States International, Inc. (Oil States) through its subsidiaries, is a provider of specialty products and services to natural resources companies worldwide. Shares of OIS traded higher by 1.75% or $1.64/share to $95.28. In the past year, the shares have traded as low as $63.42 and as high as $104.00. On average, 792302 shares of OIS exchange hands on a given day and today's volume is recorded at 1025898.
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