Oil States International, a diversified oilfield services company and integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions, posted net income of $62.1 million in the first quarter of 2011, compared with $40.2 million for the same period in 2010.
The company generated $760.4 million in revenue and $139.8 million in EBITDA, compared with $532.3 million and $91.5 million in EBITDA a year ago. The year-over-year increases in revenues and EBITDA were primarily the result of the full-quarter contribution from its recent acquisition of The MAC, a provider of remote site accommodations to the Australian natural resources industry, as well as improved results from the well site services and tubular services segments in North America.
Rental tools generated $107.5 million and $34.2 million of revenues and EBITDA, respectively, in the first quarter of 2011 compared to revenues of $67.5 million and EBITDA of $14.9 million in the first quarter of 2010. These year-over-year improvements were primarily the result of better pricing and product mix resulting from the on-going increase in U.S. drilling and completion activity, particularly in liquids-rich horizontal drilling areas.
Oil States International is based in Houston.
