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Oil States Announces Fourth Quarter 2017 Results

HOUSTON, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) reported a net loss for the fourth quarter 2017 of $37.9 million, or $0.76 per diluted share, which included a pre-tax charge of $1.4 million ($0.9 million after-tax, or $0.02 per diluted share) of transaction-related costs and a one-time, non-cash income tax charge of $28.2 million (or $0.56 per diluted share),  resulting from the recently enacted Tax Cuts and Jobs Act and the corresponding tax reform legislation in the United States. These results compare to a reported net loss for the fourth quarter of 2016 of $10.6 million, or $0.21 per diluted share, which included pre-tax charges of $0.6 million ($0.4 million after-tax, or $0.01 per diluted share) of severance and other downsizing charges.

During the fourth quarter of 2017, the Company generated revenues of $183.7 million and Adjusted Consolidated EBITDA (Note B) of $12.9 million (excluding $1.4 million of transaction-related costs). These results compare to revenues of $169.9 million and Adjusted Consolidated EBITDA of $13.7 million reported in the fourth quarter of 2016 (excluding $0.6 million of severance and downsizing charges).

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, "Our results for the fourth quarter continued to benefit from improved completions activity across the U.S. shale plays as our customers focus on unconventional completions to grow their production. Low levels of deepwater spending continued to affect our Offshore/Manufactured Products segment with limited industry award activity during the fourth quarter. However, we were able to maintain a quarterly book-to-bill ratio of 0.79x, yielding 0.95x for the full year.

"Subsequent to year end, we closed the acquisition of GEODynamics, Inc. We believe that GEODynamics is a unique and transformational acquisition for Oil States, offering meaningful growth potential that combines advanced technology with downhole consumable completion solutions. Their offerings, which help our customers enhance their well productivity, are ideal for the current operating environment which is characterized by longer lateral lengths, increased frac stages and a growing number of perforation clusters. GEODynamics' products are complementary to our Completion Services offerings, creating additional revenue opportunities and the ability to service an expanded customer base.”

For the year ended December 31, 2017, the Company reported revenues of $670.6 million and Adjusted Consolidated EBITDA of $38.0 million (excluding $3.4 million of severance, downsizing, and transaction-related costs). The net loss for the year ended December 31, 2017 totaled $84.9 million and included $2.0 million ($1.5 million after-tax, or $0.03 per diluted share) of severance and downsizing charges, $1.4 million ($0.9 million after-tax, or $0.02 per diluted share) of transaction-related costs, $28.2 million of additional tax expense ($0.56 per diluted share) due to a one-time, non-cash income tax charge resulting from the recently enacted tax reform legislation in the United States and $1.0 million ($0.02 per diluted share) from the decision to carryback 2016 net operating losses against taxable income reported in 2014. For the year ended December 31, 2016, the Company reported revenues of $694.4 million and Adjusted Consolidated EBITDA of $55.5 million (excluding $5.2 million of severance and downsizing charges). The net loss for the year ended December 31, 2016 totaled $46.4 million and included $5.2 million ($3.3 million after-tax, or $0.06 per diluted share) of severance and downsizing charges.

BUSINESS SEGMENT RESULTS
(See Segment Data Tables)

Well Site Services
Well Site Services generated revenues of $82.0 million and Segment EBITDA of $10.7 million in the fourth quarter of 2017 compared to revenues and Segment EBITDA of $54.9 million and $1.1 million, respectively, in the fourth quarter of 2016.  Well Site Services revenues and Segment EBITDA increased 49% and 895%, respectively, due to a 36% year-over-year increase in the number of Completion Services job tickets coupled with a 6% year-over-year increase in revenue per Completion Services job. These increases were driven by significantly increased completion-related activity levels in the U.S. and a more favorable job mix. Adjusted Segment EBITDA margins (Note A) averaged 13% in the fourth quarter of 2017 compared to 2% in the fourth quarter of 2016 after excluding severance and downsizing charges. Improved utilization in the land drilling business, which averaged 31% in the fourth quarter of 2017 compared to only 18% in the fourth quarter of 2016, also positively impacted the segment’s results.

Offshore/Manufactured Products
Offshore/Manufactured Products generated revenues and Segment EBITDA of $101.7 million and $16.3 million, respectively, in the fourth quarter of 2017 compared to revenues of $115.0 million and Segment EBITDA of $25.4 million in the fourth quarter of 2016. Revenues and Segment EBITDA decreased 12% and 36% year-over-year, respectively, due to lower contributions across most of the segment’s product and service lines, particularly those tied to major deepwater project sanctions. Lower project-driven revenues were partially offset by a 45% improvement in sales of our shorter-cycle products (elastomer and valve products), which continued to benefit from expanded U.S. land-based activity. Segment EBITDA margin was 16% in the fourth quarter of 2017 compared to a margin of 22% realized in the fourth quarter of 2016. Fourth quarter 2016 margins benefited from the larger number of major projects in process or nearing completion during the period.  Backlog totaled $168 million at December 31, 2017 compared to $198 million at September 30, 2017 and $199 million reported at December 31, 2016.

Income Taxes
The Company recognized an effective tax rate provision of 156.9% in the fourth quarter of 2017 and an overall effective tax rate provision of 9.6% for 2017. This compares to an effective tax rate benefit of 37.8% in the fourth quarter of 2016 and an overall effective tax rate benefit of 36.7% for 2016. The higher effective tax rate provision in the fourth quarter of 2017 was primarily attributable to the recently enacted U.S. tax reform legislation which resulted in a non-cash income tax charge of $28.2 million in the fourth quarter of 2017. This charge related primarily to the U.S. transition tax recorded on its unremitted foreign earnings coupled with reserves booked against its foreign tax credits which were recorded as assets prior to U.S. tax reform. Additionally, the Company was required to revalue its other U.S. deferred tax assets and liabilities to reflect the lower U.S. corporate income tax rate which has been reduced from 35% to 21%.

Financial Condition
As of December 31, 2017, the Company’s revolving credit facility was undrawn and cash on hand totaled $53.5 million. Total availability under the revolving credit facility as of December 31, 2017 was $159.3 million (net of standby letters of credit totaling $21.2 million).

Subsequent Events
On January 12, 2018, the Company completed its acquisition of GEODynamics, Inc. The acquisition was funded with a combination of $295 million of cash (net of estimated cash acquired and funded by borrowings under the Company's revolving credit facility), the issuance of 8.66 million shares of the Company's common stock (valued at approximately $295 million based on the Company's share price at closing) and the issuance of a $25 million unsecured promissory note payable to the sellers, bearing interest at 2.5% per annum maturing in July 2019, for total consideration of approximately $615 million at closing.

On January 30, 2018, the Company completed an offering of $200 million principal amount of 1.50% convertible senior notes due 2023. The net proceeds from the offering were used to repay a portion of the borrowings outstanding under the Company's revolving credit facility, which were drawn in January 2018 to fund the cash portion of the GEODynamics acquisition. In conjunction with the issuance of the convertible senior notes, the Company's revolving credit facility was further amended and the maturity date extended. Lender commitments under the amended revolving credit facility total $350 million. The amended revolving credit facility can be increased up to an incremental $150 million, subject to additional lender commitments, and the maturity date of the amended credit agreement was extended to January 30, 2022. The amended credit agreement contains customary financial covenants and restrictions, such as a senior leverage ratio, a total net leverage ratio and an interest coverage ratio.

Conference Call Information
The call is scheduled for Thursday, February 15, 2018 at 10:00 am CT, and is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing (800) 446-1671 in the United States or by dialing +1 847 413 3362 internationally and using the passcode 46421627. A replay of the conference call will be available one and a half hours after the completion of the call by dialing (888) 843-7419 in the United States or by dialing +1 630 652 3042 internationally and entering the passcode 46421627.

About Oil States
Oil States International, Inc. is a global oilfield products and services company serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. The Company’s manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and gas. The Company is also a leading provider of completion services to the industry. Through its recent acquisition of GEODynamics, Inc., the Company is also a leading researcher, developer and manufacturer of engineered solutions to connect the wellbore with the formation in oil and gas well completions. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol “OIS”.

For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.

Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A 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 herein are based on 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, the general nature of the energy service industry; and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and the subsequently filed Quarterly Reports on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)

       
  Three Months Ended December 31,   Year Ended December 31,
  2017   2016   2017   2016
  (unaudited)   (unaudited)   (unaudited)    
Revenues:              
Products $ 80,533     $ 92,608     $ 303,802     $ 416,174  
Service 103,177     77,326     366,825     278,270  
  183,710     169,934     670,627     694,444  
               
Costs and expenses:              
Product costs 59,214     60,415     219,466     288,270  
Service costs 81,592     65,375     301,289     238,500  
Selling, general and administrative expenses 30,761     33,179     114,816     124,033  
Depreciation and amortization expense 25,115     29,054     107,667     118,720  
Other operating (income) expense, net 887     (1,698 )   1,261     (5,796 )
  197,569     186,325     744,499     763,727  
Operating loss (13,859 )   (16,391 )   (73,872 )   (69,283 )
               
Interest expense (1,304 )   (1,219 )   (4,674 )   (5,343 )
Interest income 116     78     359     399  
Other income 298     440     775     902  
Loss from continuing operations before income taxes (14,749 )   (17,092 )   (77,412 )   (73,325 )
Income tax (provision) benefit (23,146 )   6,465     (7,438 )   26,939  
Net loss from continuing operations (37,895 )   (10,627 )   (84,850 )   (46,386 )
Net loss from discontinued operations, net of tax             (4 )
Net loss attributable to Oil States $ (37,895 )   $ (10,627 )   $ (84,850 )   $ (46,390 )
               
Basic net loss per share attributable to Oil States from:              
Continuing operations $ (0.76 )   $ (0.21 )   $ (1.69 )   $ (0.92 )
Discontinued operations              
Net loss $ (0.76 )   $ (0.21 )   $ (1.69 )   $ (0.92 )
               
Diluted net loss per share attributable to Oil States from:              
Continuing operations $ (0.76 )   $ (0.21 )   $ (1.69 )   $ (0.92 )
Discontinued operations              
Net loss $ (0.76 )   $ (0.21 )   $ (1.69 )   $ (0.92 )
               
Weighted average number of common shares outstanding:              
Basic 49,987     50,224     50,139     50,174  
Diluted 49,987     50,224     50,139     50,174  
                       

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)

       
  December 31,
2017
  December 31,
2016
  (Unaudited)    
ASSETS      
Current assets:      
Cash and cash equivalents $ 53,459     $ 68,800  
Accounts receivable, net 216,139     234,513  
Inventories, net 168,285     175,490  
Prepaid expenses and other current assets 18,054     11,174  
Total current assets 455,937     489,977  
       
Property, plant, and equipment, net 498,890     553,402  
Goodwill, net 268,009     263,369  
Other intangible assets, net 50,265     52,746  
Other noncurrent assets 28,410     24,404  
Total assets $ 1,301,511     $ 1,383,898  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Current portion of long-term debt and capitalized leases $ 411     $ 538  
Accounts payable 49,089     34,207  
Accrued liabilities 45,889     45,333  
Income taxes payable 1,647     5,839  
Deferred revenue 18,234     21,315  
Total current liabilities 115,270     107,232  
       
Long-term debt and capitalized leases 4,870     45,388  
Deferred income taxes 24,718     5,036  
Other noncurrent liabilities 23,940     21,935  
Total liabilities 168,798     179,591  
       
Stockholders’ equity:      
Common stock 627     623  
Additional paid-in capital 754,607     731,562  
Retained earnings 1,048,623     1,133,473  
Accumulated other comprehensive loss (58,493 )   (70,300 )
Treasury stock (612,651 )   (591,051 )
Total stockholders’ equity 1,132,713     1,204,307  
Total liabilities and stockholders’ equity $ 1,301,511     $ 1,383,898  
               

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

   
  Year Ended December 31,
  2017   2016
  (Unaudited)    
Cash flows from operating activities:      
Net loss $ (84,850 )   $ (46,390 )
Adjustments to reconcile net loss to net cash provided by operating activities:      
Loss from discontinued operations     4  
Depreciation and amortization 107,667     118,720  
Stock-based compensation expense 23,049     21,322  
Deferred income tax provision (benefit) 16,342     (37,606 )
Amortization of deferred financing costs 1,158     785  
Gain on disposals of assets (700 )   (802 )
Other, net 288     2,923  
Changes in operating assets and liabilities, net of effect from acquired businesses:      
Accounts receivable 21,128     85,503  
Inventories 11,339     32,158  
Accounts payable and accrued liabilities 14,048     (27,716 )
Income taxes payable (4,126 )   (1,930 )
Other operating assets and liabilities, net (9,961 )   2,286  
Net cash flows provided by operating activities 95,382     149,257  
       
Cash flows from investing activities:      
Capital expenditures (35,171 )   (29,689 )
Acquisitions of businesses (12,859 )    
Proceeds from disposition of property, plant and equipment 2,134     1,532  
Other, net (1,719 )   (1,135 )
Net cash flows used in investing activities (47,615 )   (29,292 )
       
Cash flows from financing activities:      
Revolving credit facility repayments, net (42,184 )   (80,674 )
Debt and capital lease repayments (517 )   (534 )
Payment of financing costs (759 )   (72 )
Purchase of treasury stock (16,283 )    
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock (5,317 )   (3,962 )
Issuance of common stock from stock-based payment arrangements     367  
Net cash flows used in financing activities (65,060 )   (84,875 )
       
Effect of exchange rate changes on cash and cash equivalents 1,952     (2,263 )
Net change in cash and cash equivalents (15,341 )   32,827  
Cash and cash equivalents, beginning of year 68,800     35,973  
Cash and cash equivalents, end of year $ 53,459     $ 68,800  
               

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(unaudited)

       
  Three Months Ended December 31,   Year Ended December 31,
  2017   2016   2017   2016
Revenues:              
Well Site Services -              
Completion Services $ 66,675     $ 46,312     $ 234,252     $ 163,060  
Drilling Services 15,342     8,578     54,462     22,594  
Total Well Site Services 82,017     54,890     288,714     185,654  
Offshore/Manufactured Products -              
Project-driven products 37,345     61,928     126,960     296,368  
Short-cycle products 36,591     25,258     147,463     88,291  
Other products and services 27,757     27,858     107,490     124,131  
Total Offshore/Manufactured Products 101,693     115,044     381,913     508,790  
Total revenues $ 183,710     $ 169,934     $ 670,627     $ 694,444  
               
               
Operating income (loss):              
Well Site Services -              
Completion Services (1,2) $ (6,209 )   $ (17,385 )   $ (45,169 )   $ (83,636 )
Drilling Services (2) (2,670 )   (4,542 )   (13,909 )   (24,239 )
Total Well Site Services (8,879 )   (21,927 )   (59,078 )   (107,875 )
Offshore/Manufactured Products (1,2) 10,695     19,230     38,155     87,084  
Corporate (1) (15,675 )   (13,694 )   (52,949 )   (48,492 )
Total operating loss $ (13,859 )   $ (16,391 )   $ (73,872 )   $ (69,283 )
                               

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION – SEGMENT
EBITDA AND ADJUSTED SEGMENT EBITDA (A)

(In Thousands)
(unaudited)

       
  Three Months Ended December 31,   Year Ended December 31,
  2017   2016   2017   2016
Well Site Services:              
Completion Services:              
Operating loss $ (6,209 )   $ (17,385 )   $ (45,169 )   $ (83,636 )
Depreciation and amortization expense 15,128     17,242     63,528     70,031  
Other income 171     409     583     1,027  
EBITDA 9,090     266     18,942     (12,578 )
Severance, downsizing and other charges     165     1,077     1,998  
Adjusted EBITDA $ 9,090     $ 431     $ 20,019     $ (10,580 )
               
Drilling Services:              
Operating loss $ (2,670 )   $ (4,542 )   $ (13,909 )   $ (24,239 )
Depreciation and amortization expense 4,230     5,313     18,513     23,366  
Other income 46     38     95     39  
EBITDA 1,606     809     4,699     (834 )
Severance, downsizing and other charges
    88         248  
Adjusted EBITDA $ 1,606     $ 897     $ 4,699     $ (586 )
               
Total Well Site Services:              
Operating loss $ (8,879 )   $ (21,927 )   $ (59,078 )   $ (107,875 )
Depreciation and amortization expense 19,358     22,555     82,041     93,397  
Other income 217     447     678     1,066  
Segment EBITDA 10,696     1,075     23,641     (13,412 )
Severance, downsizing and other charges
    253     1,077     2,246  
Adjusted Segment EBITDA $ 10,696     $ 1,328     $ 24,718     $ (11,166 )
               
Offshore/Manufactured Products:              
Operating income $ 10,695     $ 19,230     $ 38,155     $ 87,084  
Depreciation and amortization expense 5,505     6,228     24,596     24,205  
Other income (expense) 81     (76 )   97     (233 )
Segment EBITDA 16,281     25,382     62,848     111,056  
Severance, downsizing and other charges
103     317     1,049     2,952  
Adjusted Segment EBITDA $ 16,384     $ 25,699     $ 63,897     $ 114,008  
               
Corporate:              
Operating loss $ (15,675 )   $ (13,694 )   $ (52,949 )   $ (48,492 )
Depreciation and amortization expense 252     271     1,030     1,118  
Other income (expense)     69         69  
EBITDA (15,423 )   (13,354 )   (51,919 )   (47,305 )
Severance, downsizing and other charges
1,289     (5 )   1,289      
Adjusted EBITDA $ (14,134 )   $ (13,359 )   $ (50,630 )   $ (47,305 )
                               

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In Thousands)
(unaudited)

       
  Three Months Ended December 31,   Year Ended December 31,
  2017   2016   2017   2016
Net loss from continuing operations $ (37,895 )   $ (10,627 )   $ (84,850 )   $ (46,386 )
Income tax provision (benefit) 23,146     (6,465 )   7,438     (26,939 )
Depreciation and amortization expense 25,115     29,054     107,667     118,720  
Interest income (116 )   (78 )   (359 )   (399 )
Interest expense 1,304     1,219     4,674     5,343  
Consolidated EBITDA (B) 11,554     13,103     34,570     50,339  
               
Adjustments to Consolidated EBITDA (1,2):              
Severance, downsizing and other charges
1,392     565     3,415     5,198  
Adjusted Consolidated EBITDA (B) $ 12,946     $ 13,668     $ 37,985     $ 55,537  
                               

(1) Operating income (loss) and Segment and Consolidated EBITDA for the three months ended December 31, 2017 included other charges of $0.1 million related to the Offshore/Manufactured Products segment and $1.3 million related to Corporate. Operating income (loss) and Segment and Consolidated EBITDA for the twelve months ended December 31, 2017 included severance, downsizing and other charges of $1.1 million related to the Completion Services business, $1.0 million related to the Offshore/Manufactured Products segment and $1.3 million related to Corporate.

(2) Operating income (loss) and Segment and Consolidated EBITDA for the three months ended December 31, 2016 included severance and downsizing charges of $0.2 million related to the Completion Services business, $0.1 million related to the Drilling Services business and $0.3 million related to the Offshore/Manufactured Products segment. Operating income (loss) and Segment and Consolidated EBITDA for the twelve months ended December 31, 2016 included severance and downsizing charges of $2.0 million related to the Completion Services business, $0.2 million related to the Drilling Services business and $3.0 million related to the Offshore/Manufactured Products segment.

(A) The terms EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, and certain other items.  EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA as a supplemental disclosure because its management believes that EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The tables above set forth reconciliations of EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

(B) The terms Consolidated EBITDA and Adjusted Consolidated EBITDA consist of net loss from continuing operations plus net interest expense, taxes, depreciation and amortization expense, and certain other items.  Consolidated EBITDA and Adjusted Consolidated EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net loss from continuing operations or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Consolidated EBITDA and Adjusted Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated EBITDA and Adjusted Consolidated EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Consolidated EBITDA and Adjusted Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The table above sets forth a reconciliation of Consolidated EBITDA and Adjusted Consolidated EBITDA to net loss from continuing operations, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

ADDITIONAL QUARTERLY SEGMENT AND OPERATING DATA
(unaudited)

   
  Three Months Ended December 31,
  2017   2016
Supplemental operating data:      
Offshore/Manufactured Products backlog ($ in millions) $ 168.0     $ 199.3  
       
Completion Services job tickets 5,301     3,899  
Average revenue per ticket ($ in thousands) $ 12.6     $ 11.9  
       
Land drilling operating statistics:      
Average rigs available 34     34  
Utilization 31.4 %   18.2 %
Implied day rate ($ in thousands per day) $ 15.6     $ 15.1  
Implied daily cash margin ($ in thousands per day) $ 2.1     $ 2.0  
               

Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
713-652-0582

Patricia Gil
Oil States International, Inc.
Director, Investor Relations
713-470-4860

SOURCE: Oil States International, Inc.

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