W&T Offshore announces enhancement to capital structure
HOUSTON â W&T Offshore Inc. announced that it has enhanced its capital structure by entering into a transaction with its wholly-owned special purpose vehicles and Munich Re Reserve Risk Financing Inc.
The company transferred 100% of its Mobile Bay Area producing assets and related gas treatment facilities to the SPVs in return for the net cash proceeds from a $215 million first-lien non-recourse term loan to the SPVs provided by MRRF. Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets.
A portion of the proceeds to the company from the transaction were used to repay the $48 million outstanding balance on its reserve-based lending facility and to enter into commodity hedging contracts related to the anticipated future production of the Mobile Bay Assets.
Oil States Wins Spotlight on New Technology® Award for Deepsea Mineral Riser System Oil States International, Inc. Houston, Texas, UNITED STATES
HOUSTON, May 19, 2021 (GLOBE NEWSWIRE) Oil States International, Inc. (NYSE: OIS) announced that it was presented with a Spotlight on New Technology
® Award by the 2021 Offshore Technology Conference (OTC) for its Merlin
™ Deepsea Mineral Riser System. The award recognizes Oil States for their technological advances in support of the developing deepsea minerals industry. Oil States has adapted its Merlin
™ riser and connection system technology to support this rapidly developing industry of deepsea minerals gathering.
Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated,
Oil States Adds Denise Castillo-Rhodes to its Board Oil States International, Inc. Houston, Texas, UNITED STATES
HOUSTON, May 18, 2021 (GLOBE NEWSWIRE) Oil States International, Inc. (NYSE:OIS) announced today that its Board of Directors elected Denise Castillo-Rhodes as a member of its Board of Directors. Ms. Castillo-Rhodes has been appointed as a Class II Director with an initial term expiring in May 2024 and will serve on the Company’s Audit Committee.
“On behalf of our Board of Directors, I’m very pleased to welcome Denise to Oil States. Denise brings extensive accounting, financial and executive leadership experience and skills to our Board and Audit Committee, which will provide us with meaningful benefits as we navigate the changing energy landscape and focus on our long-term growth and success, said Cindy B. Taylor, Oil States President and Chief Executive Officer.
Oil States Announces First Quarter 2021 Results of Operations Oil States International, Inc. Houston, Texas, UNITED STATES
HOUSTON, April 28, 2021 (GLOBE NEWSWIRE) Oil States International, Inc. (NYSE: OIS) reported a net loss of $15.8 million, or $0.26 per share, for the first quarter of 2021, which included non-cash fixed asset impairment charges of $0.7 million ($0.5 million after-tax, or $0.01 per share), severance and restructuring charges of $3.4 million ($2.7 million after-tax, or $0.04 per share) and non-cash gains on extinguishment of convertible senior notes of $3.6 million ($2.9 million after-tax, or $0.05 per share).
During the first quarter of 2021, the Company generated revenues of $125.6 million and Adjusted Consolidated EBITDA (Note A) of $6.1 million (excluding $3.4 million of severance and restructuring charges). These results compare to revenues of $137.4 million and Adjusted Consolidated EBITDA of $2.2 million repor
Operator
Good morning, and welcome to the Oil States International, Inc. s first-quarter 2021 earnings conference. My name is Brandon, and I ll be your operator for today. [Operator instructions] I will now turn the call over to Ellen Pennington. Ellen, you may begin.
Ellen Pennington
Counsel and Assistant Corporate Secretary
Thanks, Brandon. Good morning, and welcome to Oil States first-quarter 2021 earnings conference call. Our call today will be led by our president and CEO, Cindy Taylor; and Lloyd Hajdik, Oil States executive vice president and chief financial officer. Before we begin, we would like to caution listeners regarding forward-looking statements.