10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                    

Commission file number: 001-16337

OIL STATES INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	76-0476605
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Three Allen Center, 333 Clay Street, Suite 4620, Houston, Texas	77002
(Address of principal executive offices)	(Zip Code)

(713) 652-0582

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ¨    NO  x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)    YES  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “accelerated filer,” “large accelerated filer” and “smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer	x	Accelerated Filer	¨
Non-Accelerated Filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

The Registrant had 51,639,172 shares of common stock, par value $0.01, outstanding and 3,555,441 shares of treasury stock as of April 25, 2012.

OIL STATES INTERNATIONAL, INC.

INDEX

	Page No.
Part I — FINANCIAL INFORMATION
Item 1. Financial Statements:
Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Statements of Income for the Three Month Periods Ended March  31, 2012 and 2011		3
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Month Periods Ended March 31, 2012 and 2011		4
Consolidated Balance Sheets – March 31, 2012 (unaudited) and December 31, 2011		5
Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March  31, 2012 and 2011		6
Notes to Unaudited Condensed Consolidated Financial Statements		7 – 21
Cautionary Statement Regarding Forward-Looking Statements		22
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		22 – 31
Item 3. Quantitative and Qualitative Disclosures About Market Risk		31
Item 4. Controls and Procedures		31 – 32
Part II — OTHER INFORMATION
Item 1. Legal Proceedings		32
Item 1A. Risk Factors		32
Item 6. Exhibits		33
(a) Index of Exhibits		33
Signature Page		34

2

PART I—FINANCIAL INFORMATION

ITEM 1. Financial Statements

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

	THREE MONTHS ENDED MARCH 31,
	2012			2011
Revenues	$	1,098,992		$	760,441
Costs and expenses:
Cost of sales and services		795,797			574,398
Selling, general and administrative expenses		47,739			43,708
Depreciation and amortization expense		50,665			45,151
Other operating expense		544			2,408
		894,745			665,665
Operating income		204,247			94,776
Interest expense, net of capitalized interest		(17,944	)		(10,249	)
Interest income		297			1,013
Equity in earnings of unconsolidated affiliates		420			51
Other income		1,735			143
Income before income taxes		188,755			85,734
Income tax expense		(53,283	)		(23,383	)
Net income		135,472			62,351
Less: Net income attributable to noncontrolling interest		407			274
Net income attributable to Oil States International, Inc.	$	135,065		$	62,077
Net income per share attributable to Oil States International, Inc. common stockholders
Basic	$	2.63		$	1.22
Diluted	$	2.43		$	1.13
Weighted average number of common shares outstanding:
Basic		51,430			50,936
Diluted		55,557			54,852

The accompanying notes are an integral part of

these financial statements.

3

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

	THREE MONTHS ENDED MARCH 31,
	2012			2011
Net income	$	135,472		$	62,351
Other comprehensive income:
Foreign currency translation adjustment		25,246			30,663
Total other comprehensive income		25,246			30,663
Comprehensive income		160,718			93,014
Comprehensive income attributable to noncontrolling interest		(425	)		(298	)
Comprehensive income attributable to Oil States International, Inc.	$	160,293		$	92,716

The accompanying notes are an integral part of

these financial statements.

4

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands)

	MARCH 31, 2012			DECEMBER 31, 2011
	(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents	$	70,651		$	71,721
Accounts receivable, net		842,970			732,240
Inventories, net		727,824			653,698
Prepaid expenses and other current assets		23,681			32,000
Total current assets		1,665,126			1,489,659
Property, plant, and equipment, net		1,624,072			1,557,088
Goodwill, net		470,990			467,450
Other intangible assets, net		125,507			127,602
Other noncurrent assets		62,070			61,842
Total assets	$	3,947,765		$	3,703,641
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	372,789		$	348,957
Income taxes		32,398			10,395
Current portion of long-term debt and capitalized leases		32,549			34,435
Deferred revenue		69,620			75,497
Other current liabilities		6,567			5,665
Total current liabilities		513,923			474,949
Long-term debt and capitalized leases		1,169,012			1,142,505
Deferred income taxes		101,211			97,377
Other noncurrent liabilities		26,672			25,538
Total liabilities		1,810,818			1,740,369
Stockholders’ equity:
Oil States International, Inc. stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 55,189,013 shares and 54,803,539 shares issued, respectively, and 51,633,572 shares and 51,288,750 shares outstanding, respectively		552			548
Additional paid-in capital		562,075			545,730
Retained earnings		1,585,651			1,450,586
Accumulated other comprehensive income		99,617			74,371
Treasury stock, at cost, 3,555,441 and 3,514,789 shares, respectively		(112,489	)		(109,079	)
Total Oil States International, Inc. stockholders’ equity		2,135,406			1,962,156
Noncontrolling interest		1,541			1,116
Total stockholders’ equity		2,136,947			1,963,272
Total liabilities and stockholders’ equity	$	3,947,765		$	3,703,641

The accompanying notes are an integral part of

these financial statements.

5

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

	THREE MONTHS ENDED MARCH 31,
	2012			2011
Cash flows from operating activities:
Net income	$	135,472		$	62,351
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		50,665			45,151
Deferred income tax provision		1,727			4,883
Excess tax benefits from share-based payment arrangements		(5,175	)		(4,439	)
Gains on disposals of assets		(1,326	)		(315	)
Non-cash compensation charge		4,399			3,424
Accretion of debt discount		2,035			1,895
Amortization of deferred financing costs		1,800			1,390
Other, net		(18	)		201
Changes in operating assets and liabilities, net of effect from acquired businesses:
Accounts receivable		(105,007	)		(35,798	)
Inventories		(71,062	)		(28,499	)
Accounts payable and accrued liabilities		21,445			(10,948	)
Taxes payable		33,731			4,010
Other current assets and liabilities, net		(1,469	)		(7,094	)
Net cash flows provided by operating activities		67,217			36,212
Cash flows from investing activities:
Capital expenditures, including capitalized interest		(101,402	)		(92,609	)
Acquisitions of businesses, net of cash acquired		—			(212	)
Proceeds from sale of equipment		1,636			625
Other, net		(1,189	)		(1,241	)
Net cash flows used in investing activities		(100,955	)		(93,437	)
Cash flows from financing activities:
Revolving credit borrowings and (repayments), net		29,941			50,757
Term loan repayments		(7,526	)		(3,785	)
Debt and capital lease repayments		(2,183	)		(298	)
Issuance of common stock from share-based payment arrangements		6,775			6,377
Excess tax benefits from share-based payment arrangements		5,175			4,439
Other, net		(3,425	)		(2,741	)
Net cash flows provided by financing activities		28,757			54,749
Effect of exchange rate changes on cash		3,966			3,177
Net increase (decrease) in cash and cash equivalents from continuing operations		(1,015	)		701
Net cash used in discontinued operations – operating activities		(55	)		(78	)
Cash and cash equivalents, beginning of period		71,721			96,350
Cash and cash equivalents, end of period	$	70,651		$	96,973

The accompanying notes are an integral part of these

financial statements.

6

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

1. ORGANIZATION AND BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its wholly-owned subsidiaries (referred to in this report as we or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year.

The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements.

The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2011 (the 2011 Form 10-K).

2. RECENT ACCOUNTING PRONOUNCEMENTS

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

In June 2011, the FASB issued amendments to disclosure requirements for the presentation of comprehensive income. This guidance eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. The amendments should be applied retrospectively. For public entities, the amendments were effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The amendments do not require any transition disclosures. In December 2011, the FASB issued an amendment deferring the effective date of the requirement to present reclassification adjustments out of accumulated other comprehensive income on the face of the consolidated statement of income. We adopted this standard in this Quarterly Report on Form 10-Q for the three month period ended March 31, 2012 and the adoption of this standard did not have a material effect on our consolidated financial statements.

7

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

3. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts is presented below (in thousands):

	MARCH 31, 2012			DECEMBER 31, 2011
Accounts receivable, net:
Trade	$	604,229		$	553,481
Unbilled revenue		240,410			180,273
Other		2,521			2,449
Total accounts receivable		847,160			736,203
Allowance for doubtful accounts		(4,190	)		(3,963	)
	$	842,970		$	732,240

	MARCH 31, 2012			DECEMBER 31, 2011
Inventories, net:
Tubular goods	$	473,070		$	420,519
Other finished goods and purchased products		97,190			80,184
Work in process		68,896			76,353
Raw materials		99,581			86,672
Total inventories		738,737			663,728
Allowance for obsolescence		(10,913	)		(10,030	)
	$	727,824		$	653,698

	ESTIMATED USEFUL  LIFE		MARCH 31, 2012			DECEMBER 31, 2011
Property, plant and equipment, net:
Land			$	49,420		$	48,989
Buildings and leasehold improvements (1)		1-40 years		166,003			154,233
Machinery and equipment		1-29 years		352,627			355,798
Accommodations assets (1)		2-15 years		1,196,411			1,160,661
Rental tools		4-10 years		220,369			199,084
Office furniture and equipment		1-10 years		49,186			48,081
Vehicles		2-10 years		103,130			100,554
Construction in progress				213,153			166,371
Total property, plant and equipment				2,350,299			2,233,771
Accumulated depreciation				(726,227	)		(676,683	)
			$	1,624,072		$	1,557,088

	MARCH 31, 2012		DECEMBER 31, 2011
Accounts payable and accrued liabilities:
Trade accounts payable	$	283,865	$	252,209
Accrued compensation		36,307		61,394
Accrued interest		14,578		6,035
Insurance liabilities		12,753		12,396
Accrued taxes, other than income taxes		12,924		5,889
Liabilities related to discontinued operations		2,070		2,125
Other		10,292		8,909
	$	372,789	$	348,957

(1) As of December 31, 2011, we have reclassified $54.7 million in buildings and leasehold improvements to accommodations assets for comparability purposes.

8

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

4. EARNINGS PER SHARE

The calculation of earnings per share attributable to the Company is presented below (in thousands, except per share amounts):

	THREE MONTHS ENDED MARCH 31
	2012		2011
Basic earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Basic earnings per share	$	2.63	$	1.22
Diluted earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Effect of dilutive securities:
Options on common stock		578		727
2 3/8% Convertible Senior Subordinated Notes		3,361		2,988
Restricted stock awards and other		188		201
Total shares and dilutive securities		55,557		54,852
Diluted earnings per share	$	2.43	$	1.13

Our calculation of diluted earnings per share for the three months ended March 31, 2012 and 2011 excludes 343,500 shares and 176,548 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect.

9

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

5. GOODWILL

Changes in the carrying amount of goodwill for the three month period ended March 31, 2012 are as follows (in thousands):

	Well Site Services
	Rental Tools and Services			Drilling Services			Subtotal			Accommodations			Offshore Products			Tubular Services			Total
Balance as of December 31, 2010
Goodwill	$	170,034		$	22,767		$	192,801		$	299,062		$	100,654		$	62,863		$	655,380
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,506			—			75,506			299,062			100,654			—			475,222
Goodwill acquired and purchase price adjustments		—			—			—			(9,826	)		315			—			(9,511	)
Foreign currency translation and other changes		(323	)		—			(323	)		2,087			(25	)		—			1,739
		75,183			—			75,183			291,323			100,944			—			467,450
Balance as of December 31, 2011
Goodwill		169,711			22,767			192,478			291,323			100,944			62,863			647,608
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,183			—			75,183			291,323			100,944			—			467,450
Foreign currency translation and other changes		256 75,439			—   —			256 75,439			3,126 294,449			158 101,102			—   —			3,540 470,990
Balance as of March 31, 2012
Goodwill		169,967			22,767			192,734			294,449			101,102			62,863			651,148
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
	$	75,439		$	—		$	75,439		$	294,449		$	101,102		$	—		$	470,990

6. DEBT

As of March 31, 2012 and December 31, 2011, long-term debt consisted of the following (in thousands):

	March 31,		December 31,
	2012		2011
	(Unaudited)
U.S. revolving credit facility, which matures December 10, 2015, with available commitments up to $500 million and with a weighted average interest rate of 3.4% for the three month period ended March 31, 2012	$	105,428	$	68,065
U.S. term loan, which matures December 10, 2015, of $200 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 2.6% for the three month period ended March 31, 2012		185,000		190,000
Canadian revolving credit facility, which matures on December 10, 2015, with available commitments up to $250 million and with a weighted average interest rate of 4.3% for the three month period ended March 31, 2012		—		—
Canadian term loan, which matures December 10, 2015, of $100 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 3.5% for the three month period ended March 31, 2012		92,963		93,795
Australian revolving credit facility, which matures November 30, 2013, with available commitments up to A$150 million and with a weighted average interest rate of 6.5% for the three month period ended March 31, 2012		36,284		43,050
6 1/2% senior unsecured notes—due June 2019		600,000		600,000
2 3/8% contingent convertible senior subordinated notes, net due 2025		172,919		170,884
Subordinated unsecured notes payable to sellers of businesses, fixed interest rate of 6%, which mature in December 2012		2,000		4,000
Capital lease obligations and other debt		6,967		7,146
Total debt		1,201,561		1,176,940
Less: Current portion		32,549		34,435
Total long-term debt and capitalized leases	$	1,169,012	$	1,142,505

10

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

On June 1, 2011, the Company sold $600 million aggregate principal amount of 6 1/2% senior unsecured notes (6 1/2% Notes) due 2019 through a private placement to qualified institutional buyers.

The 6 1/2% Notes are senior unsecured obligations of the Company, are guaranteed by our material U.S. subsidiaries (the Guarantors), bear interest at a rate of 6 1/2% per annum and mature on June 1, 2019. At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.500% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. Prior to June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. The optional redemption prices as a percentage of principal amount are as follows:

Twelve Month Period Beginning June 1,	% of Principal Amount
2014	104.875%
2015	103.250%
2016	101.625%
2017	100.000%

The Company utilized approximately $515 million of the net proceeds of the 6 1/2% Note offering in June 2011 to repay borrowings outstanding under its senior secured credit facilities. The remaining net proceeds of approximately $75 million were utilized for general corporate purposes.

As of March 31, 2012, we classified the $175.0 million principal amount of our 2 3/8% Contingent Convertible Senior Subordinated Notes (2 3/8% Notes), net of unamortized discount, as a noncurrent liability based on our ability and intent to refinance the 2 3/8% Notes utilizing borrowings available under our senior secured credit facilities. As of March 31, 2012, the contingent conversion thresholds were met and, as a result, 2 3/8% Note holders could present their notes for conversion during the quarter following the March 31, 2012 measurement date. As of March 31, 2012, the recent trading prices of the 2 3/8% Notes exceeded their conversion value due to the remaining imbedded conversion option of the holder. Should a 2 3/8% Note holder convert their notes, we would utilize our existing credit facilities to fund the cash portion of the conversion value.

The following table presents the carrying amount of our 2 3/8% Notes in our condensed consolidated balance sheets (in thousands):

	March 31, 2012		December 31, 2011
Carrying amount of the equity component in additional paid-in capital	$	28,434	$	28,434
Principal amount of the liability component	$	174,990	$	174,990
Less: Unamortized discount		2,071		4,106
Net carrying amount of the liability component	$	172,919	$	170,884

Unamortized Discount – 2 3/8% Notes

The effective interest rate of 7.17% has been applied as of the issuance date for our 2 3/8% Notes in accordance with ASC 470-20 – Debt with Conversion and Other Options. Interest expense on the 2 3/8% Notes, excluding amortization of debt issue costs, was as follows (in thousands):

	Three months ended March 31,
	2012		2011
Interest expense	$	3,074	$	2,934

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OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

	March 31, 2012
Remaining period over which discount will be amortized		3 months
Conversion price	$	31.75
Number of shares to be delivered upon conversion (1)		3,269,759
Conversion value in excess of principal amount (in thousands) (1)	$	255,237
Derivative transactions entered into in connection with the convertible notes		None

(1) Calculation is based on the Company’s March 30, 2012 closing stock price of $78.06.

On July 13, 2011, The MAC Services Group Limited (The MAC) entered into a A$150 million revolving loan facility governed by a Facility Agreement (the Facility Agreement) between The MAC and National Australia Bank Limited, which is guaranteed by the Company. The Facility Agreement amended The MAC’s existing A$75 million revolving loan facility on substantially the same terms, including the maturity date of the Facility Agreement of November 30, 2013. As of March 31, 2012, we had A$35 million outstanding under the Australian facility leaving A$115 million available to be drawn under this facility.

The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, and debt instruments. The Company believes that the carrying values of these instruments, other than our 2 3/8% Notes and our 6 1/2% Notes, on the accompanying consolidated balance sheets approximate their fair values.

The fair values of our 2 3/8% and 6 1/2 % Notes are estimated based on quoted prices in active markets (Level 1 fair value measurements). The carrying values and fair values of these notes were as follows (in thousands):

				March 31, 2012				December 31, 2011
	Interest			Carrying		Fair		Carrying		Fair
	Rate			Value		Value		Value		Value
6 1/2% Notes
Principal amount due 2019		6 1/2	%	$	600,000	$	634,500	$	600,000	$	625,128
2 3/8% Notes
Principal amount due 2025		2 3/8	%	$	174,990	$	430,794	$	174,990	$	411,396
Less: unamortized discount					2,071		—		4,106		—
Net value				$	172,919	$	430,794	$	170,884	$	411,396

As of March 31, 2012, the estimated fair value of the Company’s debt outstanding under its credit facilities was estimated to be at fair value.

As March 31, 2012, the Company had approximately $70.7 million of cash and cash equivalents and $618.8 million of the Company’s U.S. and Canadian credit facilities available for future financing needs. The Company also had availability totaling A$115 million under its Australian credit facility. As of March 31, 2012, we had $29.8 million of outstanding letters of credit.

Interest expense on the condensed consolidated statements of income is net of capitalized interest of $1.2 million for the three months ended March 31, 2012 and $1.1 million for the same period in 2011.

7. CHANGES IN COMMON STOCK OUTSTANDING

Shares of common stock outstanding – January 1, 2012	51,288,750
Shares issued upon exercise of stock options and vesting of stock awards	385,474
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury	(40,652	)
Shares of common stock outstanding – March 31, 2012	51,633,572

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OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

8. STOCK BASED COMPENSATION

During the first three months of 2012, we granted restricted stock awards totaling 274,378 shares valued at a total of $23.2 million. Of the restricted stock awards granted in the first quarter of 2012, a total of 203,000 awards vest in four equal annual installments beginning in February 2013, 47,625 awards are performance shares that may vest in February 2015 in an amount that will depend on the Company’s achievement of specified performance objectives and 23,625 awards vest 100% in February 2016. The performance based awards have a performance criteria that will be measured based upon the Company’s achievement levels of average after-tax annual return on invested capital for the three year period 2012 to 2014. During the three months ended March 31, 2012, the Company also granted 54,950 units of phantom shares under the newly created Canadian Long-Term Incentive Plan, which provides for the granting of units of phantom shares to key Canadian employees. These awards vest in three equal annual installments beginning in February 2013 and are accounted for as a liability. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of the Company’s common stock on the vesting date. A total of 155,250 stock options with a ten-year term were awarded in the three months ended March 31, 2012 with an average exercise price of $84.52 that will vest in four equal annual installments starting in February 2013.

Stock based compensation pre-tax expense recognized in the three month periods ended March 31, 2012 and 2011 totaled $4.4 million and $3.4 million, or $0.06 and $0.05 per diluted share after tax, respectively. The total fair value of restricted stock awards that vested during the three months ended March 31, 2012 and 2011 was $12.8 million and $10.6 million, respectively. At March 31, 2012, $48.6 million of compensation cost related to unvested stock options and restricted stock awards attributable to future performance had not yet been recognized.

9. INCOME TAXES

Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three months ended March 31, 2012 totaled $53.3 million, or 28.2% of pretax income, compared to $23.4 million, or 27.3% of pretax income, for the three months ended March 31, 2011. The increase in the effective tax rate from the prior year was largely the result of a higher foreign effective tax rate in 2012 compared to 2011.

10. SEGMENT AND RELATED INFORMATION

In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, the Company has identified the following reportable segments: well site services, accommodations, offshore products and tubular services. The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies. Most of the businesses were initially acquired as a unit, and the management at the time of the acquisition was retained. Subsequent acquisitions have been direct extensions to our business segments. The separate business lines within the well site services segment have been disclosed to provide additional detail for that segment. Results of a portion of our accommodations segment supporting traditional oil and natural gas drilling activities are impacted by seasonally higher activity during the Canadian winter drilling season occurring in the first calendar quarter.

Financial information by business segment for each of the three months ended March 31, 2012 and 2011 is summarized in the following table (in thousands):

13

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2012
Well site services –
Rental tools and services	$	135,554	$	11,439	$	33,794		$	—	$	18,526	$	493,458
Drilling services		47,407		5,071		7,459			—		8,563		129,973
Total well site services		182,961		16,510		41,253			—		27,089		623,431
Accommodations		301,820		29,951		119,025			—		63,908		1,889,393
Offshore products		185,720		3,418		32,501			185		9,986		684,271
Tubular services		428,491		571		22,421			235		15		702,983
Corporate and eliminations		—		215		(10,953	)		—		404		47,687
Total	$	1,098,992	$	50,665	$	204,247		$	420	$	101,402	$	3,947,765

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2011
Well site services –
Rental tools and services	$	107,531	$	9,796	$	24,389		$	—	$	16,841	$	394,884
Drilling services		33,105		4,933		2,235			—		7,168		111,689
Total well site services		140,636		14,729		26,624			—		24,009		506,573
Accommodations		197,099		26,553		48,973			2		62,041		1,565,719
Offshore products		128,441		3,334		16,750			—		4,055		568,602
Tubular services		294,265		351		13,046			49		2,372		475,362
Corporate and eliminations		—		184		(10,617	)		—		132		50,500
Total	$	760,441	$	45,151	$	94,776		$	51	$	92,609	$	3,166,756

11. COMMITMENTS AND CONTINGENCIES

The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including warranty and product liability claims and occasional claims by individuals alleging exposure to hazardous materials as a result of its products or operations. Some of these claims relate to matters occurring prior to its acquisition of businesses, and some relate to businesses it has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses, and in other cases, it has indemnified the buyers of businesses from it. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on it, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on its consolidated financial position, results of operations or liquidity.

12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Certain wholly-owned subsidiaries, as detailed below (the Guarantor Subsidiaries), have fully and unconditionally guaranteed all of the 6 1/2% Notes issued in 2011 and all of the 2 3/8% Notes issued in 2005.

The following condensed consolidating financial information is included so that separate financial statements of the Guarantor Subsidiaries are not required to be filed with the Commission. The condensed consolidating financial information presents investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

The following condensed consolidating financial information presents: consolidating statements of income and comprehensive income for each of the three month periods ended March 31, 2012 and 2011, condensed consolidating balance sheets as March 31, 2012 and December 31, 2011 and the statements of cash flows for each of

14

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

the three months ended March 31, 2012 and 2011 of (a) the Company, parent/guarantor, (b) Acute Technological Services, Inc., Capstar Holding, L.L.C., Capstar Drilling, Inc., General Marine Leasing, L.L.C., Oil States Energy Services L.L.C., Oil States Energy Services Holding, Inc., Oil States Energy Services International Holding, L.L.C., Oil States Management, Inc., Oil States Industries, Inc., Oil States Skagit SMATCO, L.L.C., PTI Group USA L.L.C., PTI Mars Holdco 1, L.L.C., Sooner Inc., Sooner Pipe, L.L.C., Sooner Holding Company, Specialty Rental Tools & Supply, L.L.C., Stinger Wellhead Protection, Incorporated, and Well Testing, Inc., (the Guarantor Subsidiaries), (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate the Company and its subsidiaries and (e) the Company on a consolidated basis. Note: As of January 1, 2012, Specialty Rental Tools & Supply, L.L.C., Stinger Wellhead Protection, Incorporated, and Well Testing, Inc. were combined to form Oil States Energy Services L.L.C.

15

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	753,261		$	345,731		$	—		$	1,098,992
Intercompany revenues		—			5,038			30			(5,068	)		—
Total revenues		—			758,299			345,761			(5,068	)		1,098,992
OPERATING EXPENSES
Cost of sales and services		—			611,413			186,167			(1,783	)		795,797
Intercompany cost of sales and services		—			3,222			45			(3,267	)		—
Selling, general and administrative expenses		10,898			20,564			16,277			—			47,739
Depreciation and amortization expense		215			21,086			29,369			(5	)		50,665
Other operating (income) expense		(159	)		(583	)		1,286			—			544
Operating income (loss)		(10,954	)		102,597			112,617			(13	)		204,247
Interest expense, net of capitalized interest		(16,837	)		(218	)		(18,446	)		17,557			(17,944	)
Interest income		5,072			22			12,760			(17,557	)		297
Equity in earnings (loss) of unconsolidated affiliates		157,092			14,615			178			(171,465	)		420
Other income		—			1,628			107			—			1,735
Income before income taxes		134,373			118,644			107,216			(171,478	)		188,755
Income tax provision		692			(28,581	)		(25,394	)		—			(53,283	)
Net income		135,065			90,063			81,822			(171,478	)		135,472
Other comprehensive income:
Foreign currency translation adjustment		25,246			18,232			18,964			(37,196	)		25,246
Total other comprehensive income		25,246			18,232			18,964			(37,196	)		25,246
Comprehensive income		160,311			108,295			100,786			(208,674	)		160,718
Comprehensive income attributable to noncontrolling interest		—			—			(420	)		(5	)		(425	)
Comprehensive income attributable to Oil States International, Inc.	$	160,311		$	108,295		$	100,366		$	(208,679	)	$	160,293

16

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	523,284		$	237,157		$	—		$	760,441
Intercompany revenues		—			1,656			316			(1,972	)		—
Total revenues		—			524,940			237,473			(1,972	)		760,441
OPERATING EXPENSES
Cost of sales and services		—			433,196			141,926			(724	)		574,398
Intercompany cost of sales and services		—			1,074			174			(1,248	)		—
Selling, general and administrative expenses		9,400			19,644			14,664			—			43,708
Depreciation and amortization expense		184			21,506			23,463			(2	)		45,151
Other operating (income)expense		1,033			(117	)		1,490			2			2,408
Operating income (loss)		(10,617	)		49,637			55,756			—			94,776
Interest expense		(8,411	)		(346	)		(22,457	)		20,965			(10,249	)
Interest income		2,569			5,783			13,625			(20,964	)		1,013
Equity in earnings of unconsolidated affiliates		77,894			7,186			2			(85,031	)		51
Other income (expense)		—			151			(8	)		—			143
Income before income taxes		61,435			62,411			46,918			(85,030	)		85,734
Income tax provision		642			(14,206	)		(9,819	)		—			(23,383	)
Net income		62,077			48,205			37,099			(85,030	)		62,351
Other comprehensive income:
Foreign currency translation adjustment		30,663			8,491			21,618			(30,109	)		30,663
Total other comprehensive income		30,663			8,491			21,618			(30,109	)		30,663
Comprehensive income		92,740			56,696			58,717			(115,139	)		93,014
Comprehensive income attributable to noncontrolling interest		—			—			(292	)		(6	)		(298	)
Comprehensive income attributable to Oil States International, Inc.	$	92,740		$	56,696		$	58,425		$	(115,145	)	$	92,716

17

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Balance Sheets

	March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(398	)	$	1,281		$	69,768		$	—		$	70,651
Accounts receivable, net		10			501,575			341,385			—			842,970
Inventories, net		—			598,405			129,629			(210	)		727,824
Prepaid expenses and other current assets		8,491			4,214			10,976			—			23,681
Total current assets		8,103			1,105,475			551,758			(210	)		1,665,126
Property, plant and equipment, net		1,719			481,534			1,140,981			(162	)		1,624,072
Goodwill, net		—			172,598			298,392			—			470,990
Other intangible assets, net		—			30,607			94,900			—			125,507
Investments in unconsolidated affiliates		2,286,171			571,595			3,110			(2,851,472	)		9,404
Long-term intercompany receivables (payables)		844,557			(469,002	)		(382,516	)		6,961			—
Other noncurrent assets		40,399			479			11,788			—			52,666
Total assets	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,283		$	216,192		$	114,317		$	(3	)	$	372,789
Income taxes		(60,972	)		80,088			13,282			—			32,398
Current portion of long-term debt and capitalized leases		20,018			2,393			10,138			—			32,549
Deferred revenue		—			45,014			24,606			—			69,620
Other current liabilities		—			6,281			286			—			6,567
Total current liabilities		1,329			349,968			162,629			(3	)		513,923
Long-term debt and capitalized leases		1,043,362			6,339			119,311			—			1,169,012
Deferred income taxes		(10,731	)		66,626			45,316			—			101,211
Other noncurrent liabilities		11,583			8,707			6,831			(449	)		26,672
Total liabilities		1,045,543			431,640			334,087			(452	)		1,810,818
Stockholders’ equity		2,135,406			1,461,646			1,382,999			(2,844,645	)		2,135,406
Non-controlling interest		—			—			1,327			214			1,541
Total stockholders’ equity		2,135,406			1,461,646			1,384,326			(2,844,431	)		2,136,947
Total liabilities and stockholders’ equity	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765

18

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Balance Sheets

	December 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(274	)	$	1,900		$	70,095		$	—		$	71,721
Accounts receivable, net		974			461,033			270,233			—			732,240
Inventories, net		—			539,066			114,824			(192	)		653,698
Prepaid expenses and other current assets		10,780			7,902			13,318			—			32,000
Total current assets		11,480			1,009,901			468,470			(192	)		1,489,659
Property, plant and equipment, net		1,530			464,399			1,091,325			(166	)		1,557,088
Goodwill, net		—			172,598			294,852			—			467,450
Other intangible assets, net		—			31,372			96,230			—			127,602
Investments in unconsolidated affiliates		2,096,505			235,617			23,517			(2,347,878	)		7,761
Long-term intercompany receivables (payables)		831,477			(459,735	)		(378,706	)		6,964			—
Other noncurrent assets		41,234			458			12,389			—			54,081
Total assets	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,693		$	206,125		$	100,140		$	(1	)	$	348,957
Income taxes		(49,069	)		51,986			7,478			—			10,395
Current portion of long-term debt and capitalized leases		20,018			4,404			10,013			—			34,435
Deferred revenue		—			47,227			28,270			—			75,497
Other current liabilities		—			5,382			283			—			5,665
Total current liabilities		13,642			315,124			146,184			(1	)		474,949
Long-term debt and capitalized leases		1,008,969			6,437			127,099			—			1,142,505
Deferred income taxes		(13,146	)		69,751			40,772			—			97,377
Other noncurrent liabilities		10,605			8,634			6,748			(449	)		25,538
Total liabilities		1,020,070			399,946			320,803			(450	)		1,740,369
Stockholders’ equity		1,962,156			1,054,664			1,286,368			(2,341,032	)		1,962,156
Non-controlling interest		—			—			906			210			1,116
Total stockholders’ equity		1,962,156			1,054,664			1,287,274			(2,340,822	)		1,963,272
Total liabilities and stockholders’ equity	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641

19

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(31,273	)	$	45,008		$	53,482		$	—		$	67,217
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(405	)		(37,532	)		(63,465	)		—			(101,402	)
Proceeds from sale of equipment		—			1,316			320			—			1,636
Other, net		(2	)		(194	)		(993	)		—			(1,189	)
Net cash provided by (used in) investing activities		(407	)		(36,410	)		(64,138	)		—			(100,955	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net		37,362			—			(7,421	)		—			29,941
Term loan repayments		(5,000	)		—			(2,526	)		—			(7,526	)
Debt and capital lease payments		(4	)		(2,108	)		(71	)		—			(2,183	)
Issuance of common stock from share-based payment arrangements		6,775			—			—			—			6,775
Excess tax benefits from share-based payment arrangements		5,175			—			—			—			5,175
Proceeds from (funding of) accounts and notes with affiliates, net		(9,327	)		(7,054	)		16,391			(10	)		—
Other, net		(3,425	)		—			—			—			(3,425	)
Net cash provided by (used in) financing activities		31,556			(9,162	)		6,373			(10	)		28,757
Effect of exchange rate changes on cash		—			—			3,956			10			3,966
Net change in cash and cash equivalents from continuing operations		(124	)		(564	)		(327	)		—			(1,015	)
Net cash used in discontinued operations operating activities		—			(55	)		—			—			(55	)
Cash and cash equivalents, beginning of period		(274	)		1,900			70,095			—			71,721
Cash and cash equivalents, end of period	$	(398	)	$	1,281		$	69,768		$	—		$	70,651

20

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(24,132	)	$	24,935		$	35,409		$	—		$	36,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(133	)		(28,715	)		(63,761	)					(92,609	)
Acquisitions of businesses, net of cash acquired		—			(212	)		—			—			(212	)
Proceeds from sale of equipment		—			542			83			—			625
Other, net		1			(1,404	)		162			—			(1,241	)
Net cash used in investing activities		(132	)		(29,789	)		(63,516	)		—			(93,437	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings and (repayments), net		52,459			—			(1,702	)		—			50,757
Term loan repayments		(2,500	)		—			(1,285	)		—			(3,785	)
Debt and capital lease payments		(7	)		(120	)		(171	)		—			(298	)
Issuance of common stock from share-based payment arrangements		6,377			—			—			—			6,377
Excess tax benefits from share-based payment arrangements		4,439			—			—			—			4,439
Proceeds from (funding of) accounts and notes with affiliates, net		(33,731	)		4,094			29,633			4			—
Other, net		(2,741	)		—			—			—			(2,741	)
Net cash provided by financing activities		24,296			3,974			26,475			4			54,749
Effect of exchange rate changes on cash		—			9			3,172			(4	)		3,177
Net change in cash and cash equivalents from continuing operations		32			(871	)		1,540			—			701
Net cash used in discontinued operations operating activities		—			(78	)		—			—			(78	)
Cash and cash equivalents, beginning of period		(180	)		1,170			95,360			—			96,350
Cash and cash equivalents, end of period	$	(148	)	$	221		$	96,900		$	—		$	96,973

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Cautionary Statement Regarding Forward-Looking Statements

This quarterly report on Form 10-Q contains “certain 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 (the Exchange Act). The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Some of the information in the quarterly report may contain “forward-looking statements.” The “forward-looking statements” can be identified by the use of forward-looking terminology including “may,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” or other similar words. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of known material factors. For a discussion of important factors that could affect our results, please refer to Part II, Item 1A. Risk Factors in this report and “Part I, Item 1A. Risk Factors” and the financial statement line item discussions set forth in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2011 Form 10-K filed with the Commission on February 17, 2012. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Our management believes these forward-looking statements are reasonable. However, you should not place undue reliance on these forward-looking statements, which are based only on our current expectations and are not guarantees of future performance. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.

In addition, in certain places in this quarterly report, we refer to reports published by third parties that purport to describe trends or developments in the energy industry. The Company does so for the convenience of our stockholders and in an effort to provide information available in the market that will assist the Company’s investors in a better understanding of the market environment in which the Company operates. However, the Company specifically disclaims any responsibility for the accuracy and completeness of such information and undertakes no obligation to update such information.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis together with our condensed consolidated financial statements and the notes to those statements included elsewhere in this quarterly report on Form 10-Q.

Macroeconomic Environment and Outlook

We provide a broad range of products and services to the oil and gas industry through our accommodations, offshore products, well site services and tubular services business segments. In our accommodations segment, we support both the oil and gas and mining industries. Demand for our products and services is cyclical and substantially dependent upon activity levels in the oil and gas and mining industries, particularly our customers’ willingness to spend capital on the exploration for and development of oil, natural gas, coal and mineral reserves. Our customers’ spending plans are generally based on their outlook for near-term and long-term commodity prices. As a result, demand for our products and services is highly sensitive to current and expected commodity prices, principally that of crude oil, coal and, to a lesser extent, natural gas.

In the first quarter of 2012, the price of crude oil increased as positive economic news related to growth rates projected in China and other emerging markets, consumer spending and U.S. consumer confidence indicated that an economic recovery continued. Despite signs of an improving economy in the United States, the world’s largest consumer of crude oil, global economic risks remain due to fiscal and financial uncertainty in various European countries, a prolonged level of relatively high unemployment in the U.S. and other advanced economies and inflation risks in certain emerging markets. The price of crude oil is currently trading at approximately $103 per barrel for West Texas Intermediates (WTI) crude and around $120 per barrel for Intercontinental Exchange (ICE) Brent crude. Increased prices and successful shale oil drilling are expected to drive very robust U.S. oil production. If U.S. oil production grows significantly, it could impact the global oil supply/demand balance, which could lead to lower oil prices and lower future U.S. drilling activity.

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Prices for natural gas in the United States continue to be weak due to the rise in production of unconventional gas resources in North America, largely due to increases in onshore shale production resulting from technological advancements in horizontal drilling and hydraulic fracturing. Natural gas prices are currently trading at or below $2.00 per Mcf. Natural gas inventories in the U.S. continue to be over-stocked, particularly given an unseasonably warm winter season. Increases in the supply of natural gas, whether the supply comes from conventional or unconventional production or associated gas production from oil wells, will likely constrain prices for natural gas and result in fewer rigs drilling for gas in the near-term.

Growing Chinese steel production is expected to support 2012 metallurgical coal pricing. After decreasing over the past year, metallurgical coal prices could increase as growing Chinese and Indian steel demand is expected to lift metallurgical coal prices during the remainder of the year. Urbanization and infrastructure investment from the Chinese government should fuel continued strength in steel demand in the foreseeable future. Beyond China, Indian steel consumption is expected to grow as India’s five-year growth plan calls for significant investments to expand its infrastructure.

Various oil and gas industry analysts have projected that 2012 global exploration and production expenditures are expected to increase over calendar year 2011 levels. North American capital spending plans are expected to be focused in onshore areas while international exploration and production budgets are expected to primarily be spent offshore.

Overview

Demand for our accommodations and offshore products segments is primarily tied to the long-term outlook for commodity prices. In contrast, demand for our well site services and tubular services segments responds to shorter-term movements in oil and natural gas prices and, specifically, changes in North American drilling and completion activity. Other factors that can affect our business and financial results include the general global economic environment and regulatory changes in the United States and internationally.

Our accommodations business is predominantly located in northern Alberta, Canada and Queensland, Australia and derives most of its business from resource companies who are developing and producing oil sands and coal resources and, to a lesser extent, other mineral resources. A significant portion of our accommodations revenues is generated by our large-scale lodge and village facilities. Where traditional accommodations and infrastructure are not accessible or cost effective, our semi-permanent lodge and village facilities provide comprehensive accommodations services similar to those found in an urban hotel. We typically contract our facilities to our customers on a fee per day covering lodging and meals that is based on the duration of their needs which can range from several months to several years. In addition, primarily in Canada and the U.S., we provide shorter-term remote site accommodations in smaller configurations utilizing our modular, mobile camp assets.

Generally, our oil sands and mining accommodations’ customers are making multi-billion dollar investments to develop their prospects, which have estimated reserve lives of 10 to in excess of 30 years and, consequently, these investments are dependent on those customers’ longer-term view of commodity demand and prices. Oil sands development activity has increased in the past year and has had a positive impact on our accommodations segment. Recent announcements of new and expanded oil sands projects will create the opportunity for extensions of existing accommodations contracts and incremental accommodations contracts for us in Canada. In addition, several major oil companies and national oil companies have announced joint ventures to develop oil sands leases that should bode well for future oil sands investment and, as a result, demand for oil sands accommodations. Our Australian accommodations business is significantly influenced by increased coal demand, especially from China, Japan and India. Despite coal prices weakening recently, we expect Chinese metallurgical coal demand to continue to increase in 2012 compared to 2011 as the country continues to industrialize. We are expanding our Australian accommodations capacity to meet this increasing demand. Accommodations deployed to support onshore U.S. drilling activity in several of the active shale play regions have also favorably contributed to our results.

Our offshore products segment provides highly engineered products for offshore oil and natural gas drilling and production systems and facilities. Sales of our offshore products and services depend primarily upon development of infrastructure for offshore production systems and subsea pipelines, repairs and upgrades of existing offshore drilling rigs and construction of new offshore drilling rigs and vessels. In this segment, we are particularly influenced by global deepwater drilling and production spending, which are driven largely by our customers’ longer-term outlook for oil and natural gas prices.

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The improvement in oil prices over the last two years, along with the outlook for long-term oil demand, resulted in increased bidding and quoting activity for our offshore products in the latter part of 2010 that continued throughout 2011 and early 2012. As a result of this increased activity, backlog in our offshore products segment increased from $416 million as of March 31, 2011 to $529 million as of March 31, 2012. Offshore products’ backlog totaled $535 million as of December 31, 2011. We anticipate global deepwater spending to continue including new award opportunities coming from Brazil, West Africa, the U.S. Gulf of Mexico, South East Asia and Australia over the next twelve months.

Our well site services businesses are significantly influenced by drilling and completion activity primarily in the U.S. and, to a lesser extent, Canada and the rest of the world. Until recently, overall industry activity has been primarily driven by spending for natural gas exploration and production, particularly in the shale play regions of the U.S. using horizontal drilling and completion techniques. However, with higher oil prices, lower natural gas prices and the advancement of horizontal drilling and completion techniques, activity in North America has shifted to a greater proportion of oil and liquids-rich drilling. According to rig count data published by Baker Hughes Incorporated, the oil rig count in the U.S. now totals approximately 1,300 rigs, the highest oil-related rig count in over 20 years, comprising approximately 67% of total U.S. drilling activity.

In our well site services business segment, we predominantly provide rental tools and services and, to a lesser extent, land drilling services. Our rental tools and services business provides equipment and service personnel utilized in the completion and initial production of new and recompleted wells. Activity for the rental tools and services business is dependent primarily upon the level and complexity of drilling, completion and workover activity throughout North America. Well complexity has increased as the number of productive zones completed in connection with horizontal drilling has increased. Demand for our drilling services is driven by land drilling activity in our primary drilling markets in West Texas, where we primarily drill oil wells, and in the Rocky Mountains area in the U.S., where we drill both liquids-rich and natural gas wells.

Our tubular services business is influenced by the overall level of U.S. drilling activity, the types of wells being drilled, movements in global steel and steel input prices and the overall industry level of oil country tubular goods (OCTG) inventory and pricing. Our tubular services business has historically been our most cyclical business segment. The continued recovery in U.S. drilling activity in 2011 and early 2012 and the return to drilling in the U.S. Gulf of Mexico has led to increased tubular services volumes and revenues.

Through our tubular services segment, we distribute a broad range of casing and tubing used in the drilling and completion of oil and natural gas wells primarily in North America. Accordingly, sales and gross margins in our tubular services segment depend upon the overall level of drilling activity, the types of wells being drilled, movements in global steel input prices and the overall industry level of OCTG inventory and pricing. Historically, tubular services’ gross margin generally expands during periods of rising OCTG prices and contracts during periods of decreasing OCTG prices.

We have a diversified product and service offering, which has exposure to activities conducted throughout the oil and gas cycle. Demand for our tubular services, land drilling and rental tools and services businesses is highly correlated to changes in the drilling rig count in the United States and, to a much lesser extent, Canada. The table below sets forth a summary of North American rig activity, as measured by Baker Hughes Incorporated, for the periods indicated.

	Average Drilling Rig Count for
	Three Months Ended
	March 31, 2012		December 31, 2011		March 31, 2011
U.S. Land – Oil		1,237		1,108		802
U.S. Land – Natural gas and other		711		864		888
U.S. Offshore		43		38		26
Total U.S.		1,991		2,010		1,716
Canada		592		475		587
Total North America		2,583		2,485		2,303

The average North American rig count for the three months ended March 31, 2012 increased by 280 rigs, or 12.2%, compared to the three months ended March 31, 2011 largely due to growth in the U.S. land rig count.

A factor that influences the financial results for our accommodations segment is the exchange rate between the U.S. dollar and the Canadian dollar and, to a lesser extent, the exchange rate between the U.S. dollar and the Australian dollar. Our accommodations segment has derived a majority of its revenues and operating income in

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Canada and, more recently, Australia. These revenues and profits are translated into U.S. dollars for U.S. GAAP financial reporting purposes. Although U.S. dollar and Canadian dollar exchange rates were comparable in the first quarter of 2012 and 2011, the Australian dollar was valued at an average exchange rate of U.S. $1.06 in the first three months of 2012 compared to U.S. $1.01 for the first three months of 2011, an increase of 5%. This strengthening of the Australian dollar had a positive impact on the translation of earnings generated from our Australian subsidiary and, therefore, the financial results of our accommodations segment.

Steel and steel input prices influence the pricing decisions of our OCTG suppliers, thereby impacting the pricing and margins of our tubular services segment. During 2011, OCTG marketplace supply and demand became more balanced compared to the previous two years. Increased supplies of OCTG have met the increased demand created by expanded drilling activity. During 2011, U.S. mills began increasing production. Throughout 2011 and into the first quarter of 2012, imports of steel increased, particularly goods imported from Canada and Korea followed by India, Mexico and Japan. Additionally, domestic OCTG mill capacity is expected to increase in 2012. This increase in supply has been in response to the 16% year-over-year increase in the drilling rig count in the United States. The OCTG Situation Report suggests that industry OCTG inventory levels peaked in the first quarter of 2009 at approximately twenty months’ supply on the ground and have trended down to approximately four to five months’ supply currently, which is considered closer to a normalized level when measured against historical levels. We remain focused on working capital management in our tubular services segment and will continue to monitor industry inventory levels, forecasted drilling and completion activity and OCTG prices.

While global demand for oil and natural gas are significant factors influencing our business generally, certain other factors also influence our business, such as the pace of worldwide economic growth and the recovery in U.S. Gulf of Mexico drilling following the lifting of the government imposed drilling moratorium.

The drilling rig count in the U.S. Gulf of Mexico remains below historical levels following the Macondo well incident and resultant oil spill in the U.S. Gulf of Mexico. A rescission of a moratorium on offshore drilling activity was effective in late 2010; however, substantial increases in activity were delayed by adjustments in operating procedures, compliance certifications, and lead times for permits and inspections, as a result of changes in the regulatory environment. In addition, there have been a variety of proposals to change existing laws and regulations that could affect offshore development and production. Uncertainties and delays caused by the new, more stringent regulatory environment continued to have an overall adverse effect on Gulf of Mexico drilling activity in 2011. Beginning in the third quarter of 2011, however, U.S. Gulf of Mexico drilling activity has shown signs of a slow but steady recovery as permitting levels have been steadily improving. New well permitting has increased from 20 permits issued in the first quarter of 2011 to 54 permits issued in the first quarter of 2012.

We continue to monitor the global economy, the demand for crude oil, coal and natural gas and the resultant impact on the capital spending plans and operations of our customers in order to plan our business. We currently expect that our 2012 capital expenditures will total approximately $600 to $700 million compared to 2011 capital expenditures of $487 million. Our 2012 capital expenditures include funding to expand our Canadian oil sands and Australian mining related accommodations facilities, to fund our other product and service offerings, and for maintenance and upgrade of our equipment and facilities. Approximately 65% of our total expected 2012 capital expenditures will be spent in our accommodations segment. In our well site services segment, we continue to monitor industry capacity additions and will make future capital expenditure decisions based on a careful evaluation of both the market outlook and industry fundamentals.

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Consolidated Results of Operations (in millions)

	THREE MONTHS ENDED
	MARCH 31,
							Variance
							2012 vs. 2011
	2012			2011			$		%
Revenues
Well site services -
Rental tools and services	$	135.6		$	107.5		$	28.1		26	%
Drilling services		47.4			33.1			14.3		43	%
Total well site services		183.0			140.6			42.4		30	%
Accommodations		301.8			197.1			104.7		53	%
Offshore products		185.7			128.4			57.3		45	%
Tubular services		428.5			294.3			134.2		46	%
Total	$	1,099.0		$	760.4		$	338.6		45	%
Product costs; service and other costs (“Cost of sales and service”)
Well site services -
Rental tools and services	$	84.6		$	67.3		$	17.3		26	%
Drilling services		34.1			25.2			8.9		35	%
Total well site services		118.7			92.5			26.2		28	%
Accommodations		139.5			108.3			31.2		29	%
Offshore products		136.1			96.6			39.5		41	%
Tubular services		401.5			277.0			124.5		45	%
Total	$	795.8		$	574.4		$	221.4		39	%
Gross margin
Well site services -
Rental tools and services	$	51.0		$	40.2		$	10.8		27	%
Drilling services		13.3			7.9			5.4		68	%
Total well site services		64.3			48.1			16.2		34	%
Accommodations		162.3			88.8			73.5		83	%
Offshore products		49.6			31.8			17.8		56	%
Tubular services		27.0			17.3			9.7		56	%
Total	$	303.2		$	186.0		$	117.2		63	%
Gross margin as a percentage of revenues
Well site services -
Rental tools and services		38	%		37	%
Drilling services		28	%		24	%
Total well site services		35	%		34	%
Accommodations		54	%		45	%
Offshore products		27	%		25	%
Tubular services		6	%		6	%
Total		28	%		24	%

THREE MONTHS ENDED MARCH 31, 2012 COMPARED TO THREE MONTHS ENDED MARCH 31, 2011

We reported net income attributable to the Company for the quarter ended March 31, 2012 of $135.1 million, or $2.43 per diluted share, including a gain of $0.23 per diluted share after-tax from a favorable contract settlement reported in our U.S. accommodations business. These results compare to net income attributable to the Company of $62.1 million, or $1.13 per diluted share, reported for the quarter ended March 31, 2011.

Revenues. Consolidated revenues increased $338.6 million, or 45%, in the first quarter of 2012 compared to the first quarter of 2011.

Our well site services segment revenues increased $42.4 million, or 30%, in the first quarter of 2012 compared to the first quarter of 2011. This increase was due to increases in both rental tools and services revenues and drilling services revenues. Our rental tools and services revenues increased $28.1 million, or 26%, primarily due to increased demand for completion services supporting the increase in the U.S. rig count, a more favorable mix of higher value rentals and services, increased equipment utilization, additional capital investment in rental equipment and greater service intensity. Our drilling services revenues increased $14.3 million, or 43%, in the first quarter of 2012 compared to the first quarter of 2011 primarily as a result of increased utilization of our rigs from an average of approximately 71% in for the first quarter of 2011 to an average of approximately 88% for the first quarter of 2012, and increases in pricing, with average day rates rising to $17.8 thousand per day in the first quarter of 2012 from $15.3 thousand per day in the first quarter of 2011.

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Our accommodations segment reported revenues in the first quarter of 2012 that were $104.7 million, or 53%, above the first quarter of 2011. The increase in accommodations revenue resulted from increased revenues from expanded room capacity in Canada and Australia along with $18.3 million in revenue from a favorable contract settlement reported in our U.S. accommodations business. Revenues and average available rooms for lodges and villages increased 48% and 36%, respectively, in the first quarter of 2012 compared to the first quarter of 2011.

Our offshore products segment revenues increased $57.3 million, or 45%, in the first quarter of 2012 compared to the first quarter of 2011. This increase was primarily the result of a greater proportion of revenue derived from production equipment and connector products sales.

Our tubular services segment revenues increased $134.2 million, or 46%, in the first quarter of 2012 compared to the first quarter of 2011. This increase was a result of an increase in tons shipped from 154,400 in 2011 to 205,400 in 2012, an increase of 51,000 tons, or 33%, driven by the 16% increase in U.S. drilling and completion activity, particularly increased activity in the Permian, Eagle Ford and Gulf of Mexico markets coupled with a 9% increase in realized revenues per ton shipped in the first quarter of 2012 compared to the first quarter of 2011.

Cost of Sales and Service. Our consolidated cost of sales increased $221.4 million, or 39%, in the first quarter of 2012 compared to the first quarter of 2011 as a result of increased cost of sales at our tubular services segment of $124.5 million, or 45%, an increase at our offshore products segment of $39.5 million, or 41%, an increase at our accommodations segment of $31.2 million, or 29%, and an increase at our well site services segment of $26.2 million, or 28%. These cost of sales increases were directly related to the increases in segmental revenues. Our consolidated gross margin as a percentage of revenues increased from 24% in the first quarter of 2011 to 28% in the first quarter of 2012 primarily due to the increased proportion of relatively higher margin accommodations and well site services segments revenues and higher margins realized in our accommodations segment, partially offset by an increased proportion of relatively lower margin tubular services segment revenues in the first quarter of 2012 compared to the first quarter of 2011.

Our well site services segment cost of sales increased $26.2 million, or 28%, in the first quarter of 2012 compared to the first quarter of 2011 as a result of a $17.3 million, or 26%, increase in rental tools and services cost of sales and an $8.9 million, or 35%, increase in drilling services cost of sales. Our well site services segment gross margin as a percentage of revenues increased from 34% in the first quarter of 2011 to 35% in the first quarter of 2012. Our rental tools and services gross margin as a percentage of revenues increased from 37% in the first quarter of 2011 to 38% in the first quarter of 2012 primarily due to a more favorable mix of higher value rentals along with higher fixed cost absorption as a result of increased rental tool utilization. Our drilling services gross margin as a percentage of revenues increased from 24% in the first quarter of 2011 to 28% in the first quarter of 2012 primarily due to increased day rates, rig utilization and cost absorption.

Our accommodations segment cost of sales increased $31.2 million, or 29%, in the first quarter of 2012 compared to the first quarter of 2011 primarily due to increased revenues and room capacity in both Canada and Australia. Our accommodations segment gross margin as a percentage of revenues increased from 45% in the first quarter of 2011 to 54% in the first quarter of 2012 primarily due to the favorable contract settlement reported in our U.S. accommodations business and an 8% increase in revenue per available room in the first quarter of 2012 compared to the first quarter of 2011. The increase in the revenue per available room in 2012 compared to 2011 is primarily due to increased occupancy levels. Excluding the favorable contract settlement, our accommodations segment gross margin as a percentage of revenues would have been 51% in the first quarter of 2012.

Our offshore products segment cost of sales increased $39.5 million, or 41%, in the first quarter of 2012 compared to the first quarter of 2011 primarily due to increased revenues. Our offshore products segment gross margin as a percentage of revenues increased from 25% in the first quarter of 2011 to 27% in the first quarter of 2012 primarily due to the improved revenue mix of production equipment and connector products sales combined with improved cost absorption.

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Tubular services segment cost of sales increased by $124.5 million, or 45%, in the first quarter of 2012 compared to the first quarter of 2011 primarily as a result of an increase in tons shipped. Our tubular services segment gross margin as a percentage of revenues in the first quarter of 2012 increased to 6.3% from 5.9% in the first quarter of 2011 primarily due to product mix and industry pricing.

Selling, General and Administrative Expenses. Selling, general and administrative (SG&A) expense increased $4.0 million, or 9%, in the first quarter of 2012 compared to the first quarter of 2011 due primarily to increased employee-related costs and commissions expense.

Depreciation and Amortization. Depreciation and amortization expense increased $5.5 million, or 12%, in the first quarter of 2012 compared to the same period in 2011 due primarily to capital expenditures made during the previous twelve months largely related to investments made in our Canadian and Australian accommodations businesses.

Operating Income. Consolidated operating income increased $109.5 million, or 116%, in the first quarter of 2012 compared to the first quarter of 2011 primarily as a result of an increase in operating income from our accommodations segment of $70.1 million, or 143%, primarily as a result of expanded room capacity in Canada and Australia along with the favorable contract settlement reported in our U.S. accommodations business, an increase in operating income from our offshore products segment of $15.8 million, or 94%, and an increase in operating income from our well site services segment of $14.6 million, or 55%, largely due to a more favorable mix and increased activity in our rental tools and services business and increased rig utilization and dayrates in our drilling services business. In addition, operating income from our tubular services segment increased $9.4 million, or 72%, primarily as a result of the increase in tons shipped and modestly higher margins.

Interest Expense and Interest Income. Net interest expense increased by $8.4 million, or 91%, in the first quarter of 2012 compared to the first quarter of 2011 primarily due to interest expense on the newly issued 6 1/2% Notes due in 2019. The weighted average interest rate on borrowings outstanding under the Company’s revolving credit and term loan facilities was 3.4% in the first quarter of 2012 compared to 3.0% in the first quarter of 2011. Interest income decreased as a result of decreased cash balances in interest bearing accounts.

Income Tax Expense. Our income tax provision for the three months ended March 31, 2012 totaled $53.3 million, or 28.2% of pretax income, compared to income tax expense of $23.4 million, or 27.3% of pretax income, for the three months ended March 31, 2011. The increase in the effective tax rate from the prior year was largely the result of a higher foreign effective tax rate in 2012 compared to 2011.

Liquidity and Capital Resources

Our primary liquidity needs are to fund capital expenditures, which have in the past included expanding our accommodations facilities, expanding and upgrading our offshore products manufacturing facilities and equipment, replacing and increasing rental tool assets, funding new product development and general working capital needs. In addition, capital has been used to fund strategic business acquisitions. Our primary sources of funds have been cash flow from operations and proceeds from borrowings.

Cash totaling $67.2 million was provided by operations during the first three months of 2012 compared to cash totaling $36.2 million provided by operations during the first three months of 2011. During the first three months of 2012, $122.4 million was used to fund working capital, primarily due to increased investments in working capital for our tubular services business, seasonal increases in receivables in our Canadian accommodations business and increased receivables in our offshore products segment due to higher activity levels. During the first three months of 2011, $78.3 million was used to fund working capital, primarily due to increased investments in working capital for our tubular services business and seasonal increases in receivables in our Canadian accommodations business.

Cash was used in investing activities during the three months ended March 31, 2012 and 2011 in the amount of $101.0 million and $93.4 million, respectively. Capital expenditures totaled $101.4 million and $92.6 million during the three months ended March 31, 2012 and 2011, respectively. Capital expenditures in both years consisted principally of purchases and installation of assets for our accommodations and well site services segments, and in particular for accommodations investments made in support of Canadian oil sands developments and Australian mining related accommodations facilities.

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We currently expect to spend a total of approximately $600 million to $700 million for capital expenditures during 2012 to expand our Canadian oil sands and Australian mining related accommodations facilities, to fund our other product and service offerings, and for maintenance and upgrade of our equipment and facilities. Approximately 65% of our total estimated 2012 capital expenditures are expected to be spent in our accommodations segment. We expect to fund these capital expenditures with cash available, internally generated funds and borrowings under our revolving credit facilities. The foregoing capital expenditure budget does not include any funds for strategic acquisitions, which the Company could pursue depending on the economic environment in our industry and the availability of transactions at prices deemed to be attractive to the Company. At March 31, 2012, we had cash totaling $69.4 million held by foreign subsidiaries, primarily in Canada and the United Kingdom, where we have assumed permanent reinvestment of earnings and where we have not recorded a U.S. tax liability upon the assumed repatriation of foreign earnings. We believe these cash balances will be utilized for future investment outside the United States.

Net cash of $28.8 million was provided by financing activities during the three months ended March 31, 2012, primarily as a result of borrowings under our revolving credit facilities. A total of $54.7 million was provided by financing activities during the three months ended March 31, 2011, primarily as a result of borrowings under our revolving credit facilities.

We believe that cash on hand, cash flow from operations and available borrowings under our credit facilities will be sufficient to meet our liquidity needs in the coming twelve months. If our plans or assumptions change, or are inaccurate, or if we make further acquisitions, we may need to raise additional capital. Acquisitions have been, and our management believes acquisitions will continue to be, a key element of our business strategy. The timing, size or success of any acquisition effort and the associated potential capital commitments are unpredictable and uncertain. We may seek to fund all or part of any such efforts with proceeds from debt and/or equity issuances. Our ability to obtain capital for additional projects to implement our growth strategy over the longer term will depend upon our future operating performance, financial condition and, more broadly, on the availability of equity and debt financing. Capital availability will be affected by prevailing conditions in our industry, the global economy, the global financial markets and other factors, many of which are beyond our control. In addition, such additional debt service requirements could be based on higher interest rates and shorter maturities and could impose a significant burden on our results of operations and financial condition, and the issuance of additional equity securities could result in significant dilution to stockholders.

Stock Repurchase Program. On August 27, 2010, the Company announced that its Board of Directors authorized $100 million for the repurchase of the Company’s common stock, par value $.01 per share. The authorization replaced the prior share repurchase authorization, which expired on December 31, 2009. The Company presently has approximately 51.6 million shares of common stock outstanding. The Board of Directors’ authorization is limited in duration and expires on September 1, 2012. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. Through March 31, 2012, a total of $12.6 million of our stock (209,300 shares) had been repurchased under the current authorization, leaving a total authorization of up to approximately $87.4 million remaining available under the current authorization.

Credit Facilities. Our current bank credit facilities consist of a U.S. revolving credit facility, a U.S. term loan, a Canadian revolving facility, and a Canadian term loan. The facilities contain total commitments available of $1.05 billion, including Total U.S. Commitments (as defined in the Credit Agreement) of U.S. $700 million (including $200 million in term loans), and Total Canadian Commitments (as defined in the Credit Agreement) of U.S. $350 million (including $100 million in term loans). The maturity date of the Credit Agreement is December 10, 2015. The current principal balance of the term loans is repayable at a rate of 2.5% per quarter of the aggregate principal amount until maturity on December 10, 2015 when the remaining principal is due. We currently have 19 lenders in our Credit Agreement with commitments ranging from $26.6 million to $150 million. While we have not experienced, nor do we anticipate, any difficulties in obtaining funding from any of these lenders at this time, the lack of or delay in funding by a significant member of our banking group could negatively affect our liquidity position.

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As of March 31, 2012, we had $383.4 million outstanding under the Credit Agreement and an additional $25.8 million of outstanding letters of credit, leaving $618.8 million available to be drawn under the facilities.

On July 13, 2011, The MAC entered into a A$150 million Facility Agreement with National Australia Bank Limited. The Facility Agreement amended The MAC’s existing A$75 million revolving loan facility on substantially the same terms, including the maturity date of the Facility Agreement of November 30, 2013. As of March 31, 2012, we had A$35 million outstanding under the Australian facility leaving A$115 million available to be drawn under this facility.

Our total debt represented 36.0% of our combined total debt and stockholders’ equity at March 31, 2012 compared to 37.5% at December 31, 2011 and 35.8% at March 31, 2011. As of March 31, 2012, the Company was in compliance with all of its debt covenants.

6 1/2% Notes. On June 1, 2011, the Company sold $600 million aggregate principal amount of 6 1/2% senior unsecured notes due 2019 through a private placement to qualified institutional buyers.

The 6 1/2% Notes are senior unsecured obligations of the Company, are guaranteed by our material U.S. subsidiaries (the Guarantors), bear interest at a rate of 6 1/2% per annum and mature on June 1, 2019. At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.500% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. Prior to June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. The optional redemption prices as a percentage of principal amount are as follows:

Twelve Month Period Beginning June 1,	% of Principal Amount
2014		104.875	%
2015		103.250	%
2016		101.625	%
2017		100.000	%

The Company utilized approximately $515 million of the net proceeds of the 6 1/2% Note offering in June 2011 to repay borrowings under its senior secured credit facilities. The remaining net proceeds of approximately $75 million were utilized for general corporate purposes.

On June 1, 2011, in connection with the issuance of the 6 1/2% Notes, the Company entered into an Indenture (the Indenture), among the Company, the Guarantors and Wells Fargo Bank, N.A., as trustee. The Indenture restricts the Company’s ability and the ability of the Guarantors to: (i) incur additional debt; (ii) pay distributions on, redeem or repurchase equity interests; (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer and sell assets. These covenants are subject to a number of important exceptions and qualifications. If at any time when the 6 1/2% Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will terminate and the Company and its subsidiaries will cease to be subject to such covenants. The Indenture contains customary events of default. As of March 31, 2012, the Company was in compliance with all covenants of the 6 1/2% Notes.

2 3/8% Notes. If certain contingent conversion thresholds based on the Company’s stock price are met and a 2 3/8% Note holder chooses to present its notes for conversion during a future quarter prior to the first put/call date in July 2012, then it will receive cash up to $1,000 for each 2 3/8% Note plus Company common stock for any excess valuation over $1,000 using the conversion rate of

30

the 2 3/8% Notes of 31.496 multiplied by the Company’s average common stock price over a ten trading day period following presentation of the 2 3/8% Notes for conversion. As of March 31, 2012, the contingent conversion thresholds were met and, as a result, 2 3/8% Note holders could present their notes for conversion during the quarter following the March 31, 2012 measurement date. As of March 31, 2012, the recent trading prices of the 2 3/8% Notes exceeded their conversion value due to the remaining imbedded conversion option of the holder. Should a holder convert its 2 3/8% Notes, we would utilize our existing credit facilities to fund the cash portion of the conversion value. As of March 31, 2012, we had classified the $175.0 million principal amount of our 2 3/8% Notes, net of unamortized discount, as a noncurrent liability based on our ability and intent to refinance the 2 3/8% Notes utilizing borrowings available under our senior secured credit facilities.

Critical Accounting Policies

For a discussion of the critical accounting policies and estimates that we use in the preparation of our condensed consolidated financial statements, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2011 Form 10-K. These estimates require significant judgments, assumptions and estimates. We have discussed the development, selection and disclosure of these critical accounting policies and estimates with the audit committee of our board of directors. There have been no material changes to the judgments, assumptions and estimates, upon which our critical accounting estimates are based.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

We have credit facilities that are subject to the risk of higher interest charges associated with increases in interest rates. As of March 31, 2012, we had floating-rate obligations totaling approximately $419.7 million drawn under our credit facilities. These floating-rate obligations expose us to the risk of increased interest expense in the event of increases in short-term interest rates. If floating interest rates increased by 1%, our consolidated interest expense would increase by a total of approximately $4.2 million annually based on our floating debt obligations as of March 31, 2012.

Foreign Currency Exchange Rate Risk

Our operations are conducted in various countries around the world and we receive revenue from these operations in a number of different currencies. As such, our earnings are subject to movements in foreign currency exchange rates when transactions are denominated in (i) currencies other than the U.S. dollar, which is our functional currency or (ii) the functional currency of our subsidiaries, which is not necessarily the U.S. dollar. In order to mitigate the effects of exchange rate risks in areas outside the U.S. (primarily in our offshore products segment), we generally pay a portion of our expenses in local currencies and a substantial portion of our contracts provide for collections from customers in U.S. dollars. During the first three months of 2012, our reported foreign exchange losses were $1.0 million and are included in “Other operating expense” in the consolidated statements of income.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) of the Exchange Act. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2012 at the reasonable assurance level.

31

Changes in Internal Control over Financial Reporting

Effective January 1, 2012, we reorganized our rental tools and services operations by merging several separate legal entities into one entity, realigning management and combining three formerly separate accounting groups into one accounting group with one accounting system. This reorganization resulted in changes in our disclosure controls and procedures that were implemented during the first quarter of 2012 to ensure that information required to be disclosed and reported by this business was recorded, processed, summarized and reported accurately and on a timely basis.

During the three months ended March 31, 2012, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) or in other factors, other than described above, which have materially affected our internal control over financial reporting, or are reasonably likely to materially affect our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. Legal Proceedings

We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses, and in other cases, we have indemnified the buyers of businesses from us. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, we believe that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

ITEM 1A. Risk Factors

Item 1A. “Risk Factors” of our 2011 Form 10-K includes a detailed discussion of our risk factors. The risks described in this Quarterly Report on Form 10-Q and our 2011 Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There have been no significant changes to our risk factors as set forth in our 2011 Form 10-K except for the additional risk factor below:

We could be subject to additional regulatory initiatives in the U.S. Gulf of Mexico that could subject us to increased costs and liabilities.

Offshore U.S. Gulf of Mexico exploration and production operations have been subject to additional, more stringent environmental and safety-related regulations and other regulatory initiatives issued by the Bureau of Ocean Energy Management (BOEM), the Bureau of Safety and Environmental Enforcement (BSEE) and the Office of Natural Resource Revenue (ONRR), in addition to their regulatory predecessors, in the aftermath of the Macondo well incident in April 2010. In addition, governmental officials responsible for one or more of the aforementioned regulatory bodies have publically stated that their authority extends beyond oil and gas operators to include service and equipment contractors as well. This governmental assertion of broad legal authority to govern contractors’ activity is a new development, may be subject to future clarification and may result in the development and implementation of various regulatory compliance programs governing contractor activities. We are uncertain about the potential breadth of future regulatory initiatives, if implemented, or the specific responsibilities that may arise from these initiatives, but expect that the implementation of new or more stringent initiatives may subject us and other contractors to increased costs and liabilities to comply, which could have a significant adverse effect on our expectations. We believe that offshore contractors and service providers, including ourselves, will closely monitor rulemaking in this area to ensure ongoing compliance.

32

ITEM 6. Exhibits

(a) INDEX OF EXHIBITS

Exhibit No.		Description
3.1	—	Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000, as filed with the Commission on March 30, 2001 (File No. 001-16337)).
3.2	—	Third Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on March 13, 2009 (File No. 001-16337)).
3.3	—	Certificate of Designations of Special Preferred Voting Stock of Oil States International, Inc. (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000, as filed with the Commission on March 30, 2001 (File No. 001-16337)).
10.1**	—	Deferred Stock Performance Award Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on February 23, 2012 (File No. 001-16337)).
31.1*	—	Certification of Chief Executive Officer of Oil States International, Inc. pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
31.2*	—	Certification of Chief Financial Officer of Oil States International, Inc. pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
32.1***	—	Certification of Chief Executive Officer of Oil States International, Inc. pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934.
32.2***	—	Certification of Chief Financial Officer of Oil States International, Inc. pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934.
101.INS****	—	XBRL Instance Document
101.SCH****	—	XBRL Taxonomy Extension Schema Document
101.CAL****	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF****	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB****	—	XBRL Taxonomy Extension Label Linkbase Document
101.PRE****	—	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Management contracts or compensatory plans or arrangements.

*** Furnished herewith.

**** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, are deemed not filed for purposes Section 18 of the Securities Act of 1934 and otherwise are not subject to liability under those sections.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

OIL STATES INTERNATIONAL, INC.

Date: April 30, 2012	By	/s/ BRADLEY J. DODSON
		Bradley J. Dodson
		Senior Vice President, Chief Financial Officer and
		Treasurer (Duly Authorized Officer and Principal Financial Officer)
Date: April 30, 2012	By	/s/ ROBERT W. HAMPTON
		Robert W. Hampton
		Senior Vice President — Accounting and
		Secretary (Duly Authorized Officer and Chief Accounting Officer)

34

Exhibit Index

Exhibit No.		Description
3.1	—	Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000, as filed with the Commission on March 30, 2001 (File No. 001-16337)).
3.2	—	Third Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on March 13, 2009 (File No. 001-16337)).
3.3	—	Certificate of Designations of Special Preferred Voting Stock of Oil States International, Inc. (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000, as filed with the Commission on March 30, 2001 (File No. 001-16337)).
10.1**	—	Deferred Stock Performance Award Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on February 23, 2012 (File No. 001-16337)).
31.1*	—	Certification of Chief Executive Officer of Oil States International, Inc. pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
31.2*	—	Certification of Chief Financial Officer of Oil States International, Inc. pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
32.1***	—	Certification of Chief Executive Officer of Oil States International, Inc. pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934.
32.2***	—	Certification of Chief Financial Officer of Oil States International, Inc. pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934.
101.INS****	—	XBRL Instance Document
101.SCH****	—	XBRL Taxonomy Extension Schema Document
101.CAL****	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF****	—	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB****	—	XBRL Taxonomy Extension Label Linkbase Document
101.PRE****	—	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Management contracts or compensatory plans or arrangements.

*** Furnished herewith.

**** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, are deemed not filed for purposes Section 18 of the Securities Act of 1934 and otherwise are not subject to liability under those sections.

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

OF OIL STATES INTERNATIONAL, INC.

PURSUANT TO RULE 13a–14(a) UNDER THE

SECURITIES EXCHANGE ACT OF 1934

I, Cindy B. Taylor, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Oil States International, Inc. (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the Registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: April 30, 2012

/s/ Cindy B. Taylor

Cindy B. Taylor

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

OF OIL STATES INTERNATIONAL, INC.

PURSUANT TO RULE 13a–14(a) UNDER THE

SECURITIES EXCHANGE ACT OF 1934

I, Bradley J. Dodson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Oil States International, Inc. (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the Registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: April 30, 2012

/s/ Bradley J. Dodson

Bradley J. Dodson

    Senior Vice President, Chief Financial Officer
and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

OF OIL STATES INTERNATIONAL, INC.

PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 filed with the Securities and Exchange Commission (the “Report”), I, Cindy B. Taylor, President and Chief Executive Officer of Oil States International, Inc. (the “Company”), hereby certify, to the best of my knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Cindy B. Taylor

Name: Cindy B. Taylor

Date: April 30, 2012

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

OF OIL STATES INTERNATIONAL, INC.

PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 filed with the Securities and Exchange Commission (the “Report”), I, Bradley J. Dodson, Senior Vice President, Chief Financial Officer and Treasurer of Oil States International, Inc. (the “Company”), hereby certify, to the best of my knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Bradley J. Dodson

Name: Bradley J. Dodson

Date: April 30, 2012

XML

Segment and Related Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Financial information by business segment
Revenues from unaffiliated customers	$ 1,098,992	$ 760,441
Depreciation and amortization	50,665	45,151
Operating income (loss)	204,247	94,776
Equity in earnings of unconsolidated affiliates	420	51
Capital expenditures	101,402	92,609
Total assets	3,947,765	3,166,765	3,703,641
Well Site Services Rental Tools and Services [Member]
Financial information by business segment
Revenues from unaffiliated customers	135,554	107,531
Depreciation and amortization	11,439	9,796
Operating income (loss)	33,794	24,389
Capital expenditures	18,526	16,841
Total assets	493,458	394,884
Well Site Services Drilling and Services [Member]
Financial information by business segment
Revenues from unaffiliated customers	47,407	33,105
Depreciation and amortization	5,071	4,933
Operating income (loss)	7,459	2,235
Capital expenditures	8,563	7,168
Total assets	129,973	111,689
Total well site services [Member]
Financial information by business segment
Revenues from unaffiliated customers	182,961	140,636
Depreciation and amortization	16,510	14,729
Operating income (loss)	41,253	26,624
Capital expenditures	27,089	24,009
Total assets	623,431	506,573
Accommodations [Member]
Financial information by business segment
Revenues from unaffiliated customers	301,820	197,099
Depreciation and amortization	29,951	26,553
Operating income (loss)	119,025	48,973
Equity in earnings of unconsolidated affiliates		2
Capital expenditures	63,908	62,041
Total assets	1,889,393	1,565,719
Offshore products [Member]
Financial information by business segment
Revenues from unaffiliated customers	185,720	128,441
Depreciation and amortization	3,418	3,334
Operating income (loss)	32,501	16,750
Equity in earnings of unconsolidated affiliates	185
Capital expenditures	9,986	4,055
Total assets	684,271	568,602
Tubular services [Member]
Financial information by business segment
Revenues from unaffiliated customers	428,491	294,265
Depreciation and amortization	571	351
Operating income (loss)	22,421	13,046
Equity in earnings of unconsolidated affiliates	235	49
Capital expenditures	15	2,372
Total assets	702,983	475,362
Corporate and eliminations [Member]
Financial information by business segment
Depreciation and amortization	215	184
Operating income (loss)	(10,953)	(10,617)
Capital expenditures	404	132
Total assets	$ 47,687	$ 50,500

XML

Debt (Details 3) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Interest expense excluding amortization of debt issue costs
Interest expense	$ 3,074	$ 2,934
Senior Subordinated Notes [Member]
Interest expense excluding amortization of debt issue costs
Remaining period over which discount will be amortized	3
Conversion price	$ 31.75
2 3/8% senior notes [Member]
Interest expense excluding amortization of debt issue costs
Number of shares to be delivered upon conversion	3,269,759
Conversion value in excess of principal amount (in thousands)	$ 255,237
Derivative transactions entered into in connection with the convertible notes	None

XML

Details of Selected Balance Sheet Accounts (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012 Y	Dec. 31, 2011
Accounts receivable, net:
Total accounts receivable	$ 847,160	$ 736,203
Allowance for doubtful accounts	(4,190)	(3,963)
Accounts receivable, net	842,970	732,240
Inventories, net:
Tubular goods	473,070	420,519
Other finished goods and purchased products	97,190	80,184
Work in process	68,896	76,353
Raw materials	99,581	86,672
Total inventories	738,737	663,728
Allowance for obsolescence	(10,913)	(10,030)
Inventories, net	727,824	653,698
Property, plant and equipment, net:
Property, plant and equipment, gross	2,350,299	2,233,771
Accumulated depreciation	(726,227)	(676,683)
Property, plant and equipment, net	1,624,072	1,557,088
Accounts payable and accrued liabilities:
Trade accounts payable	283,865	252,209
Accrued compensation	36,307	61,394
Accrued interest	14,578	6,035
Insurance liabilities	12,753	12,396
Accrued taxes, other than income taxes	12,924	5,889
Liabilities related to discontinued operations	2,070	2,125
Other	10,292	8,909
Accounts payable and accrued liabilities	372,789	348,957
Land [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	49,420	48,989
Buildings and leasehold improvements [Member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	1
Property, plant and equipment, useful life, maximum	40
Property, plant and equipment, gross	166,003	154,233
Machinery and equipment [member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	1
Property, plant and equipment, useful life, maximum	29
Property, plant and equipment, gross	352,627	355,798
Accommodations assets [Member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	2
Property, plant and equipment, useful life, maximum	15
Property, plant and equipment, gross	1,196,411	1,160,661
Rental tools [Member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	4
Property, plant and equipment, useful life, maximum	10
Property, plant and equipment, gross	220,369	199,084
Office furniture and equipment [Member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	1
Property, plant and equipment, useful life, maximum	10
Property, plant and equipment, gross	49,186	48,081
Vehicles [Member]
Property, plant and equipment, net:
Property, plant and equipment, useful life, minimum	2
Property, plant and equipment, useful life, maximum	10
Property, plant and equipment, gross	103,130	100,554
Construction in progress [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	213,153	166,371
Trade [Member]
Accounts receivable, net:
Total accounts receivable	604,229	553,481
Unbilled Revenue [Member]
Accounts receivable, net:
Total accounts receivable	240,410	180,273
Other [Member]
Accounts receivable, net:
Total accounts receivable	$ 2,521	$ 2,449

XML

Stock Based Compensation (Details Textual) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		1 Months Ended	3 Months Ended	1 Months Ended	3 Months Ended
	Mar. 31, 2012 Installments	Mar. 31, 2011	Feb. 29, 2016 Restricted Stock Units (RSUs) [Member]	Mar. 31, 2012 Restricted Stock Units (RSUs) [Member]	Feb. 28, 2015 Performance Stock Awards [Member]	Mar. 31, 2012 Canadian Long-Term Incentive Plan [Member]
Stock Based Compensations (Textual) [Abstract]
Grant restricted stock awards shares				274,378
Grant restricted stock awards Value				$ 23.2
Number of restricted stock awards vested in equal installments	203,000				47,625
Stock awards to be vested in future period			23,625
Vesting percentage of awards to be vested			100.00%
Phantom Shares granted						54,950
Stock Based Compensation (Additional) (Textual) [Abstract]
Stock options	155,250
Stock options, value	$ 84.52
Number of equal installments in which stock options awards are vest	4
Options awarded term	10 year
Number of equal installments in which restricted stock awards vest	4
Total fair value restricted stock awards vested	12.8	10.6
Stock based compensation pre-tax expense	4.4	3.4
Stock based compensation expense per diluted share after tax	$ 0.06	$ 0.05
Compensation cost related to unvested stock options and restricted stock awards not yet been recognized	$ 48.6

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Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

4. EARNINGS PER SHARE

The calculation of earnings per share attributable to the Company is presented below (in thousands, except per share amounts):

	THREE MONTHS ENDED MARCH 31
	2012		2011
Basic earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Basic earnings per share	$	2.63	$	1.22
Diluted earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Effect of dilutive securities:
Options on common stock		578		727
2 3/8% Convertible Senior Subordinated Notes		3,361		2,988
Restricted stock awards and other		188		201
Total shares and dilutive securities		55,557		54,852
Diluted earnings per share	$	2.43	$	1.13

Our calculation of diluted earnings per share for the three months ended March 31, 2012 and 2011 excludes 343,500 shares and 176,548 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect.

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Goodwill (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Changes in carrying amount of goodwill
Goodwill	$ 651,148	$ 647,608	$ 655,380
Accumulated Impairment Losses	(180,158)	(180,158)	(180,158)
Goodwill, net	470,990	467,450	475,222
Goodwill acquired and purchase price adjustments		(9,511)
Foreign currency translation and other changes	3,540	1,739
Well Site Services Rental Tools and Services [Member]
Changes in carrying amount of goodwill
Goodwill	169,967	169,711	170,034
Accumulated Impairment Losses	(94,528)	(94,528)	(94,528)
Goodwill, net	75,439	75,183	75,506
Foreign currency translation and other changes	256	(323)
Well Site Services Drilling and Services [Member]
Changes in carrying amount of goodwill
Goodwill	22,767	22,767	22,767
Accumulated Impairment Losses	(22,767)	(22,767)	(22,767)
Total well site services [Member]
Changes in carrying amount of goodwill
Goodwill	192,734	192,478	192,801
Accumulated Impairment Losses	(117,295)	(117,295)	(117,295)
Goodwill, net	75,439	75,183	75,506
Foreign currency translation and other changes	256	(323)
Accommodations [Member]
Changes in carrying amount of goodwill
Goodwill	294,449	291,323	299,062
Goodwill, net	294,449	291,323	299,062
Goodwill acquired and purchase price adjustments		(9,826)
Foreign currency translation and other changes	3,126	2,087
Offshore products [Member]
Changes in carrying amount of goodwill
Goodwill	101,102	100,944	100,654
Goodwill, net	101,102	100,944	100,654
Goodwill acquired and purchase price adjustments		315
Foreign currency translation and other changes	158	(25)
Tubular services [Member]
Changes in carrying amount of goodwill
Goodwill	62,863	62,863	62,863
Accumulated Impairment Losses	$ (62,863)	$ (62,863)	$ (62,863)

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Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Earnings Per Share (Textual) [Abstract]
Antidilutive Shares excluded from earning per share	343,500	176,548
Interest rate	2.375%

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Debt (Details) In Thousands, unless otherwise specified	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2012 U.S. revolving credit facility [Member] USD ($)	Dec. 31, 2011 U.S. revolving credit facility [Member] USD ($)	Mar. 31, 2012 Term Loan Domestic [Member] USD ($)	Dec. 31, 2011 Term Loan Domestic [Member] USD ($)	Mar. 31, 2012 Canadian revolving credit facility [Member] USD ($)	Dec. 31, 2011 Canadian revolving credit facility [Member] USD ($)	Mar. 31, 2012 Term Loan Foreign [Member] USD ($)	Mar. 31, 2012 Term Loan Foreign [Member] CAD	Dec. 31, 2011 Term Loan Foreign [Member] USD ($)	Mar. 31, 2012 Australian revolving credit facility [Member] USD ($)	Dec. 31, 2011 Australian revolving credit facility [Member] USD ($)	Mar. 31, 2012 6 1/2% senior notes [Member] USD ($)	Dec. 31, 2011 6 1/2% senior notes [Member] USD ($)	Jun. 01, 2011 6 1/2% senior notes [Member] USD ($)	Mar. 31, 2012 2 3/8% senior notes [Member] USD ($)	Dec. 31, 2011 2 3/8% senior notes [Member] USD ($)	Mar. 31, 2012 Six Percent Fixed Interest Rate Unsecured Notes Payable Due Two Thousand Twelve [Member] USD ($)	Dec. 31, 2011 Six Percent Fixed Interest Rate Unsecured Notes Payable Due Two Thousand Twelve [Member] USD ($)
Long-term debt
Line of Credit Facility			$ 105,428	$ 68,065	$ 185,000	$ 190,000			$ 92,963		$ 93,795	$ 36,284	$ 43,050
Line of Credit Facility										100,000				600,000	600,000	600,000	174,990	174,990
6 1/2% senior unsecured notes - due 2019														600,000	600,000
2 3/8% contingent convertible senior subordinated notes, net due 2025																	172,919	170,884
Subordinated unsecured notes payable to sellers of businesses, fixed interest rate of 6%, which mature in 2012																			2,000	4,000
Capital lease obligations and other debt	6,967	7,146
Total debt	1,201,561	1,176,940
Less: Current portion	32,549	34,435
Total long-term debt and capitalized leases	$ 1,169,012	$ 1,142,505

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Debt (Details 1)	3 Months Ended
	Mar. 31, 2012
2014 [Member]
Redemption date and percentage of Principal amount
Redemption date of principal amount	2014
Redemption percentage of principal amount	104.875%
2015 [Member]
Redemption date and percentage of Principal amount
Redemption date of principal amount	2015
Redemption percentage of principal amount	103.25%
2016 [Member]
Redemption date and percentage of Principal amount
Redemption date of principal amount	2016
Redemption percentage of principal amount	101.625%
2017 [Member]
Redemption date and percentage of Principal amount
Redemption date of principal amount	2017
Redemption percentage of principal amount	100.00%

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Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2012

Details of Selected Balance Sheet Accounts [Abstract]

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

3. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts is presented below (in thousands):

	MARCH 31, 2012			DECEMBER 31, 2011
Accounts receivable, net:
Trade	$	604,229		$	553,481
Unbilled revenue		240,410			180,273
Other		2,521			2,449
Total accounts receivable		847,160			736,203
Allowance for doubtful accounts		(4,190	)		(3,963	)
	$	842,970		$	732,240

	MARCH 31, 2012			DECEMBER 31, 2011
Inventories, net:
Tubular goods	$	473,070		$	420,519
Other finished goods and purchased products		97,190			80,184
Work in process		68,896			76,353
Raw materials		99,581			86,672
Total inventories		738,737			663,728
Allowance for obsolescence		(10,913	)		(10,030	)
	$	727,824		$	653,698

	ESTIMATED USEFUL  LIFE		MARCH 31, 2012			DECEMBER 31, 2011
Property, plant and equipment, net:
Land			$	49,420		$	48,989
Buildings and leasehold improvements (1)		1-40 years		166,003			154,233
Machinery and equipment		1-29 years		352,627			355,798
Accommodations assets (1)		2-15 years		1,196,411			1,160,661
Rental tools		4-10 years		220,369			199,084
Office furniture and equipment		1-10 years		49,186			48,081
Vehicles		2-10 years		103,130			100,554
Construction in progress				213,153			166,371
Total property, plant and equipment				2,350,299			2,233,771
Accumulated depreciation				(726,227	)		(676,683	)
			$	1,624,072		$	1,557,088

	MARCH 31, 2012		DECEMBER 31, 2011
Accounts payable and accrued liabilities:
Trade accounts payable	$	283,865	$	252,209
Accrued compensation		36,307		61,394
Accrued interest		14,578		6,035
Insurance liabilities		12,753		12,396
Accrued taxes, other than income taxes		12,924		5,889
Liabilities related to discontinued operations		2,070		2,125
Other		10,292		8,909
	$	372,789	$	348,957

(1) As of December 31, 2011, we have reclassified $54.7 million in buildings and leasehold improvements to accommodations assets for comparability purposes.

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Debt (Details 2) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Carrying amount of notes in condensed consolidated balance sheets
Carrying amount of the equity component in additional paid-in capital	$ 28,434	$ 28,434
Senior Subordinated Notes [Member]
Carrying amount of notes in condensed consolidated balance sheets
Principal amount of the liability component	174,990	174,990
Less: unamortized discount	2,071	4,106
Net carrying amount of the liability component	$ 172,919	$ 170,884

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Condensed Consolidating Financial Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011	Dec. 31, 2010
REVENUES
Operating Revenues	$ 1,098,992	$ 760,441
Total revenues	1,098,992	760,441
OPERATING EXPENSES
Cost of sales and services	795,797	574,398
Selling, general and administrative expenses	47,739	43,708
Depreciation and amortization expense	50,665	45,151
Other operating expense	544	2,408
Operating income (loss)	204,247	94,776
Interest expense, net of capitalized interest	(17,944)	(10,249)
Interest income	297	1,013
Equity in earnings of unconsolidated affiliates	420	51
Other income/(expense)	1,735	143
Income before income taxes	188,755	85,734
Income tax expense	(53,283)	(23,383)
Net income	135,472	62,351
Other comprehensive income:
Foreign currency translation adjustment	25,246	30,663
Total other comprehensive income	25,246	30,663
Comprehensive income	160,718	93,014
Comprehensive income attributable to noncontrolling interest	(425)	(298)
Comprehensive income attributable to Oil States International, Inc.	160,293	92,716
Current assets:
Cash and cash equivalents	70,651	96,973
Accounts receivable, net	842,970		732,240
Inventories, net	727,824		653,698
Prepaid expenses and other current assets	23,681		32,000
Total current assets	1,665,126		1,489,659
Property, plant, and equipment, net	1,624,072		1,557,088
Goodwill, net	470,990		467,450	475,222
Other intangible assets, net	125,507		127,602
Investments in unconsolidated affiliates	9,404		7,761
Other noncurrent assets	62,070		61,842
Total assets	3,947,765	3,166,765	3,703,641
Current liabilities:
Accounts payable and accrued liabilities	372,789		348,957
Income taxes	32,398		10,395
Current portion of long-term debt and capitalized leases	32,549		34,435
Deferred revenue	69,620		75,497
Other current liabilities	6,567		5,665
Total current liabilities	513,923		474,949
Long-term debt and capitalized leases	1,169,012		1,142,505
Deferred income taxes	101,211		97,377
Other noncurrent liabilities	26,672		25,538
Total liabilities	1,810,818		1,740,369
Stockholders' equity:
Stockholders' equity	2,135,406		1,962,156
Noncontrolling interest	1,541		1,116
Total stockholders' equity	2,136,947		1,963,272
Total liabilities and stockholders' equity	3,947,765		3,703,641
Condensed Consolidating Statements of Cash Flows
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	67,217	36,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest	(101,402)	(92,609)
Acquisitions of businesses, net of cash acquired		(212)
Proceeds from sale of equipment	1,636	625
Other, net	(1,189)	(1,241)
Net cash provided by (used in) investing activities	(100,955)	(93,437)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net	29,941	50,757
Term loan repayments	(7,526)	(3,785)
Debt and capital lease repayments	(2,183)	(298)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	6,775	6,377
Excess tax benefits from share-based payment arrangements	5,175	4,439
Proceeds from (funding of) accounts and notes with affiliates, net
Other, net	(3,425)	(2,741)
Net cash provided by (used in) financing activities	28,757	54,749
Effect of exchange rate changes on cash	3,966	3,177
Net change in cash and cash equivalents from continuing operations	(1,015)	701
Net cash used in discontinued operations operating activities	(55)	(78)
Cash and cash equivalents, beginning of period	71,721	96,350
Cash and cash equivalents, end of period	70,651	96,973
Oil States International, Inc.(Parent/Guarantor) [Member]
OPERATING EXPENSES
Selling, general and administrative expenses	10,898	9,400
Depreciation and amortization expense	215	184
Other operating expense	(159)	1,033
Operating income (loss)	(10,954)	(10,617)
Interest expense, net of capitalized interest	(16,837)	(8,411)
Interest income	5,072	2,569
Equity in earnings of unconsolidated affiliates	157,092	77,894
Income before income taxes	134,373	61,435
Income tax expense	692	642
Net income	135,065	62,077
Other comprehensive income:
Foreign currency translation adjustment	25,246	30,663
Total other comprehensive income	25,246	30,663
Comprehensive income	160,311	92,740
Comprehensive income attributable to Oil States International, Inc.	160,311	92,740
Current assets:
Cash and cash equivalents	(398)	(148)
Accounts receivable, net	10		974
Prepaid expenses and other current assets	8,491		10,780
Total current assets	8,103		11,480
Property, plant, and equipment, net	1,719		1,530
Investments in unconsolidated affiliates	2,286,171		2,096,505
Long-term intercompany receivables (payables)	844,557		831,477
Other noncurrent assets	40,399		41,234
Total assets	3,180,949		2,982,226
Current liabilities:
Accounts payable and accrued liabilities	42,283		42,693
Income taxes	(60,972)		(49,069)
Current portion of long-term debt and capitalized leases	20,018		20,018
Total current liabilities	1,329		13,642
Long-term debt and capitalized leases	1,043,362		1,008,969
Deferred income taxes	(10,731)		(13,146)
Other noncurrent liabilities	11,583		10,605
Total liabilities	1,045,543		1,020,070
Stockholders' equity:
Stockholders' equity	2,135,406		1,962,156
Total stockholders' equity	2,135,406		1,962,156
Total liabilities and stockholders' equity	3,180,949		2,982,226
Condensed Consolidating Statements of Cash Flows
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	(31,273)	(24,132)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest	(405)	(133)
Other, net	(2)	1
Net cash provided by (used in) investing activities	(407)	(132)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net	37,362	52,459
Term loan repayments	(5,000)	(2,500)
Debt and capital lease repayments	(4)	(7)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	6,775	6,377
Excess tax benefits from share-based payment arrangements	5,175	4,439
Proceeds from (funding of) accounts and notes with affiliates, net	(9,327)	(33,731)
Other, net	(3,425)	(2,741)
Net cash provided by (used in) financing activities	31,556	24,296
Net change in cash and cash equivalents from continuing operations	(124)	32
Cash and cash equivalents, beginning of period	(274)	(180)
Cash and cash equivalents, end of period	(398)	(148)
Guarantor subsidiaries [Member]
REVENUES
Operating Revenues	753,261	523,284
Intercompany Revenues	5,038	1,656
Total revenues	758,299	524,940
OPERATING EXPENSES
Cost of sales and services	611,413	433,196
Intercompany cost of sales and services	3,222	1,074
Selling, general and administrative expenses	20,564	19,644
Depreciation and amortization expense	21,086	21,506
Other operating expense	(583)	(117)
Operating income (loss)	102,597	49,637
Interest expense, net of capitalized interest	(218)	(346)
Interest income	22	5,783
Equity in earnings of unconsolidated affiliates	14,615	7,186
Other income/(expense)	1,628	151
Income before income taxes	118,644	62,411
Income tax expense	(28,581)	(14,206)
Net income	90,063	48,205
Other comprehensive income:
Foreign currency translation adjustment	18,232	8,491
Total other comprehensive income	18,232	8,491
Comprehensive income	108,295	56,696
Comprehensive income attributable to Oil States International, Inc.	108,295	56,696
Current assets:
Cash and cash equivalents	1,281	221
Accounts receivable, net	501,575		461,033
Inventories, net	598,405		539,066
Prepaid expenses and other current assets	4,214		7,902
Total current assets	1,105,475		1,009,901
Property, plant, and equipment, net	481,534		464,399
Goodwill, net	172,598		172,598
Other intangible assets, net	30,607		31,372
Investments in unconsolidated affiliates	571,595		235,617
Long-term intercompany receivables (payables)	(469,002)		(459,735)
Other noncurrent assets	479		458
Total assets	1,893,286		1,454,610
Current liabilities:
Accounts payable and accrued liabilities	216,192		206,125
Income taxes	80,088		51,986
Current portion of long-term debt and capitalized leases	2,393		4,404
Deferred revenue	45,014		47,227
Other current liabilities	6,281		5,382
Total current liabilities	349,968		315,124
Long-term debt and capitalized leases	6,339		6,437
Deferred income taxes	66,626		69,751
Other noncurrent liabilities	8,707		8,634
Total liabilities	431,640		399,946
Stockholders' equity:
Stockholders' equity	1,461,646		1,054,664
Total stockholders' equity	1,461,646		1,054,664
Total liabilities and stockholders' equity	1,893,286		1,454,610
Condensed Consolidating Statements of Cash Flows
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	45,008	24,935
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest	(37,532)	(28,715)
Acquisitions of businesses, net of cash acquired		(212)
Proceeds from sale of equipment	1,316	542
Other, net	(194)	(1,404)
Net cash provided by (used in) investing activities	(36,410)	(29,789)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and capital lease repayments	(2,108)	(120)
Proceeds from (funding of) accounts and notes with affiliates, net	(7,054)	4,094
Net cash provided by (used in) financing activities	(9,162)	3,974
Effect of exchange rate changes on cash		9
Net change in cash and cash equivalents from continuing operations	(564)	(871)
Net cash used in discontinued operations operating activities	(55)	(78)
Cash and cash equivalents, beginning of period	1,900	1,170
Cash and cash equivalents, end of period	1,281	221
Other Subsidiaries (Non-Guarantors) [Member]
REVENUES
Operating Revenues	345,731	237,157
Intercompany Revenues	30	316
Total revenues	345,761	237,473
OPERATING EXPENSES
Cost of sales and services	186,167	141,926
Intercompany cost of sales and services	45	174
Selling, general and administrative expenses	16,277	14,664
Depreciation and amortization expense	29,369	23,463
Other operating expense	1,286	1,490
Operating income (loss)	112,617	55,756
Interest expense, net of capitalized interest	(18,446)	(22,457)
Interest income	12,760	13,625
Equity in earnings of unconsolidated affiliates	178	2
Other income/(expense)	107	(8)
Income before income taxes	107,216	46,918
Income tax expense	(25,394)	(9,819)
Net income	81,822	37,099
Other comprehensive income:
Foreign currency translation adjustment	18,964	21,618
Total other comprehensive income	18,964	21,618
Comprehensive income	100,786	58,717
Comprehensive income attributable to noncontrolling interest	(420)	(292)
Comprehensive income attributable to Oil States International, Inc.	100,366	58,425
Current assets:
Cash and cash equivalents	69,768	96,900
Accounts receivable, net	341,385		270,233
Inventories, net	129,629		114,824
Prepaid expenses and other current assets	10,976		13,318
Total current assets	551,758		468,470
Property, plant, and equipment, net	1,140,981		1,091,325
Goodwill, net	298,392		294,852
Other intangible assets, net	94,900		96,230
Investments in unconsolidated affiliates	3,110		23,517
Long-term intercompany receivables (payables)	(382,516)		(378,706)
Other noncurrent assets	11,788		12,389
Total assets	1,718,413		1,608,077
Current liabilities:
Accounts payable and accrued liabilities	114,317		100,140
Income taxes	13,282		7,478
Current portion of long-term debt and capitalized leases	10,138		10,013
Deferred revenue	24,606		28,270
Other current liabilities	286		283
Total current liabilities	162,629		146,184
Long-term debt and capitalized leases	119,311		127,099
Deferred income taxes	45,316		40,772
Other noncurrent liabilities	6,831		6,748
Total liabilities	334,087		320,803
Stockholders' equity:
Stockholders' equity	1,382,999		1,286,368
Noncontrolling interest	1,327		906
Total stockholders' equity	1,384,326		1,287,274
Total liabilities and stockholders' equity	1,718,413		1,608,077
Condensed Consolidating Statements of Cash Flows
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	53,482	35,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest	(63,465)	(63,761)
Proceeds from sale of equipment	320	83
Other, net	(993)	162
Net cash provided by (used in) investing activities	(64,138)	(63,516)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net	(7,421)	(1,702)
Term loan repayments	(2,526)	(1,285)
Debt and capital lease repayments	(71)	(171)
Proceeds from (funding of) accounts and notes with affiliates, net	16,391	29,633
Net cash provided by (used in) financing activities	6,373	26,475
Effect of exchange rate changes on cash	3,956	3,172
Net change in cash and cash equivalents from continuing operations	(327)	1,540
Cash and cash equivalents, beginning of period	70,095	95,360
Cash and cash equivalents, end of period	69,768	96,900
Consolidating Adjustments [Member]
REVENUES
Intercompany Revenues	(5,068)	(1,972)
Total revenues	(5,068)	(1,972)
OPERATING EXPENSES
Cost of sales and services	(1,783)	(724)
Intercompany cost of sales and services	(3,267)	(1,248)
Depreciation and amortization expense	(5)	(2)
Other operating expense		2
Operating income (loss)	(13)
Interest expense, net of capitalized interest	17,557	20,965
Interest income	(17,557)	(20,964)
Equity in earnings of unconsolidated affiliates	(171,465)	(85,031)
Income before income taxes	(171,478)	(85,030)
Net income	(171,478)	(85,030)
Other comprehensive income:
Foreign currency translation adjustment	(37,196)	(30,109)
Total other comprehensive income	(37,196)	(30,109)
Comprehensive income	(208,674)	(115,139)
Comprehensive income attributable to noncontrolling interest	(5)	(6)
Comprehensive income attributable to Oil States International, Inc.	(208,679)	(115,145)
Current assets:
Inventories, net	(210)		(192)
Total current assets	(210)		(192)
Property, plant, and equipment, net	(162)		(166)
Investments in unconsolidated affiliates	(2,851,472)		(2,347,878)
Long-term intercompany receivables (payables)	6,961		6,964
Total assets	(2,844,883)		(2,341,272)
Current liabilities:
Accounts payable and accrued liabilities	(3)		(1)
Total current liabilities	(3)		(1)
Other noncurrent liabilities	(449)		(449)
Total liabilities	(452)		(450)
Stockholders' equity:
Stockholders' equity	(2,844,645)		(2,341,032)
Noncontrolling interest	214		210
Total stockholders' equity	(2,844,431)		(2,340,822)
Total liabilities and stockholders' equity	(2,844,883)		(2,341,272)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (funding of) accounts and notes with affiliates, net		(10)
Net cash provided by (used in) financing activities	(10)	4
Effect of exchange rate changes on cash	$ 10	$ (4)

XML

Unaudited Condensed Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Income [Abstract]
Revenues	$ 1,098,992	$ 760,441
Costs and expenses:
Cost of sales and services	795,797	574,398
Selling, general and administrative expenses	47,739	43,708
Depreciation and amortization expense	50,665	45,151
Other operating expense	544	2,408
Operating expenses, Total	894,745	665,665
Operating income	204,247	94,776
Interest expense, net of capitalized interest	(17,944)	(10,249)
Interest income	297	1,013
Equity in earnings of unconsolidated affiliates	420	51
Other income	1,735	143
Income before income taxes	188,755	85,734
Income tax expense	(53,283)	(23,383)
Net income	135,472	62,351
Less: Net income attributable to noncontrolling interests	407	274
Net income attributable to Oil States International, Inc.	$ 135,065	$ 62,077
Net income per share attributable to Oil States International, Inc. common stockholders
Basic	$ 2.63	$ 1.22
Diluted	$ 2.43	$ 1.13
Weighted average number of common shares outstanding:
Basic	51,430	50,936
Diluted	55,557	54,852

XML

Unaudited Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income	$ 135,472	$ 62,351
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,665	45,151
Deferred income tax provision	1,727	4,883
Excess tax benefits from share-based payment arrangements	(5,175)	(4,439)
Gains on disposals of assets	(1,326)	(315)
Non-cash compensation charge	4,399	3,424
Accretion of debt discount	2,035	1,895
Amortization of deferred financing costs	1,800	1,390
Other, net	(18)	201
Changes in operating assets and liabilities, net of effect from acquired businesses :
Accounts receivable	(105,007)	(35,798)
Inventories	(71,062)	(28,499)
Accounts payable and accrued liabilities	21,445	(10,948)
Taxes payable	33,731	4,010
Other current assets and liabilities, net	(1,469)	(7,094)
Net cash flows provided by operating activities	67,217	36,212
Cash flows from investing activities:
Capital expenditures, including capitalized interest	(101,402)	(92,609)
Acquisitions of businesses, net of cash acquired		(212)
Proceeds from sale of equipment	1,636	625
Other, net	(1,189)	(1,241)
Net cash flows used in investing activities	(100,955)	(93,437)
Cash flows from financing activities:
Revolving credit borrowings and (repayments), net	29,941	50,757
Term loan repayments	(7,526)	(3,785)
Debt and capital lease repayments	(2,183)	(298)
Issuance of common stock from share based payment arrangements	6,775	6,377
Excess tax benefits from share- based payment arrangements	5,175	4,439
Other, net	(3,425)	(2,741)
Net cash flows provided by financing activities	28,757	54,749
Effect of exchange rate changes on cash	3,966	3,177
Net increase (decrease) in cash and cash equivalents from continuing operations	(1,015)	701
Net cash used in discontinued operations - operating activities	(55)	(78)
Cash and cash equivalents, beginning of period	71,721	96,350
Cash and cash equivalents, end of period	$ 70,651	$ 96,973

XML

Debt (Details Textual)	3 Months Ended							3 Months Ended				3 Months Ended		6 Months Ended	12 Months Ended		3 Months Ended			3 Months Ended
	Mar. 31, 2012 USD ($)	Mar. 31, 2011 USD ($)	Mar. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Mar. 31, 2012 Senior Subordinated Notes [Member] USD ($)	Dec. 31, 2011 Senior Subordinated Notes [Member] USD ($)	Mar. 31, 2012 U.S. revolving credit facility [Member] USD ($)	Mar. 31, 2012 Australian revolving credit facility [Member] AUD	Jul. 13, 2011 Australian revolving credit facility [Member] AUD	Jul. 12, 2011 Australian revolving credit facility [Member] AUD	Mar. 31, 2012 Canadian revolving credit facility [Member] CAD	Mar. 31, 2012 6 1/2% senior notes [Member] USD ($)	Jun. 30, 2011 6 1/2% senior notes [Member] USD ($)	Dec. 31, 2011 6 1/2% senior notes [Member] USD ($)	Jun. 01, 2011 6 1/2% senior notes [Member] USD ($)	Mar. 31, 2012 U.S Term Loan [Member] USD ($)	Mar. 31, 2012 Term Loan Foreign [Member] CAD	Mar. 31, 2012 Six Percent Fixed Interest Rate Unsecured Notes Payable Due Two Thousand Twelve [Member]	Mar. 31, 2012 2 3/8% senior notes [Member] USD ($)	Dec. 31, 2011 2 3/8% senior notes [Member] USD ($)	Mar. 31, 2012 2 3/8% senior subordinated notes [Member]
Debt Instrument [Line Items]
Available Commitments								$ 500,000,000	150,000,000	150,000,000	75,000,000	250,000,000
Revolving credit facility weighted average interest rate								3.40%	6.50%			4.30%
Debt Instruments, Interest Rate During Period																	2.60%	3.50%
Principal amount of the liability component						174,990,000	174,990,000						600,000,000		600,000,000	600,000,000	200,000,000	100,000,000		174,990,000	174,990,000
Aggregate principal repayable per quarter																	2.50%	2.50%
Fixed interest rate on subordinated unsecured notes payable																			6.00%
Debt instrument maturity date													Jun. 01, 2019
Proceeds of senior unsecured notes utilized to repay its senior secured credit facilities														515,000,000
Proceeds of senior unsecured notes utilized for general corporate purposes															75,000,000
Australian credit facility									35,000,000
Available to be drawn credit facilities	618,800,000								115,000,000
Outstanding letter of credit facilities	29,800,000
Interest rate													6.50%			6.50%				2.375%		2.375%
Effective interest rate																				7.17%
Redemption of senior unsecured notes condition one													At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.500% of the principal amount, plus accrued and unpaid interest to the redemption date.
Maximum Percentage of Notes Redeemed													35.00%
Redemption price as percentage of principal amount plus accrued and unpaid interest													106.50%
Redemption of senior unsecured notes condition Two													Prior to June 1, 2014 the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount to the redemption date. plus an applicable make-whole premium and accrued and unpaid interest to the redemption date.
Redemption price as percentage of principal amount plus an applicable make-whole premium and accrued and unpaid interest													100.00%
Long-term Debt (Textual) [Abstract]
Closing Stock Price			$ 78.06
Cash and cash equivalents	70,651,000	96,973,000		71,721,000	96,350,000
Available to be drawn credit facilities	618,800,000								115,000,000
Capitalized interest	$ 1,200,000	$ 1,100,000

XML

Changes in Common Stock Outstanding (Tables)

3 Months Ended

Mar. 31, 2012

Changes in Common Stock Outstanding [Abstract]

Changes in Common Stock Outstanding

Shares of common stock outstanding – January 1, 2012	51,288,750
Shares issued upon exercise of stock options and vesting of stock awards	385,474
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury	(40,652	)
Shares of common stock outstanding – March 31, 2012	51,633,572

XML

Changes in Common Stock Outstanding (Details)	3 Months Ended
	Mar. 31, 2012
Stock Activity
Shares of common stock outstanding January 1, 2012	51,288,750
Shares issued upon exercise of stock options and vesting of stock awards	385,474
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury	(40,652)
Shares of common stock outstanding March 31, 2012	51,633,572

XML

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	753,261		$	345,731		$	—		$	1,098,992
Intercompany revenues		—			5,038			30			(5,068	)		—
Total revenues		—			758,299			345,761			(5,068	)		1,098,992
OPERATING EXPENSES
Cost of sales and services		—			611,413			186,167			(1,783	)		795,797
Intercompany cost of sales and services		—			3,222			45			(3,267	)		—
Selling, general and administrative expenses		10,898			20,564			16,277			—			47,739
Depreciation and amortization expense		215			21,086			29,369			(5	)		50,665
Other operating (income) expense		(159	)		(583	)		1,286			—			544
Operating income (loss)		(10,954	)		102,597			112,617			(13	)		204,247
Interest expense, net of capitalized interest		(16,837	)		(218	)		(18,446	)		17,557			(17,944	)
Interest income		5,072			22			12,760			(17,557	)		297
Equity in earnings (loss) of unconsolidated affiliates		157,092			14,615			178			(171,465	)		420
Other income		—			1,628			107			—			1,735
Income before income taxes		134,373			118,644			107,216			(171,478	)		188,755
Income tax provision		692			(28,581	)		(25,394	)		—			(53,283	)
Net income		135,065			90,063			81,822			(171,478	)		135,472
Other comprehensive income:
Foreign currency translation adjustment		25,246			18,232			18,964			(37,196	)		25,246
Total other comprehensive income		25,246			18,232			18,964			(37,196	)		25,246
Comprehensive income		160,311			108,295			100,786			(208,674	)		160,718
Comprehensive income attributable to noncontrolling interest		—			—			(420	)		(5	)		(425	)
Comprehensive income attributable to Oil States International, Inc.	$	160,311		$	108,295		$	100,366		$	(208,679	)	$	160,293

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	523,284		$	237,157		$	—		$	760,441
Intercompany revenues		—			1,656			316			(1,972	)		—
Total revenues		—			524,940			237,473			(1,972	)		760,441
OPERATING EXPENSES
Cost of sales and services		—			433,196			141,926			(724	)		574,398
Intercompany cost of sales and services		—			1,074			174			(1,248	)		—
Selling, general and administrative expenses		9,400			19,644			14,664			—			43,708
Depreciation and amortization expense		184			21,506			23,463			(2	)		45,151
Other operating (income)expense		1,033			(117	)		1,490			2			2,408
Operating income (loss)		(10,617	)		49,637			55,756			—			94,776
Interest expense		(8,411	)		(346	)		(22,457	)		20,965			(10,249	)
Interest income		2,569			5,783			13,625			(20,964	)		1,013
Equity in earnings of unconsolidated affiliates		77,894			7,186			2			(85,031	)		51
Other income (expense)		—			151			(8	)		—			143
Income before income taxes		61,435			62,411			46,918			(85,030	)		85,734
Income tax provision		642			(14,206	)		(9,819	)		—			(23,383	)
Net income		62,077			48,205			37,099			(85,030	)		62,351
Other comprehensive income:
Foreign currency translation adjustment		30,663			8,491			21,618			(30,109	)		30,663
Total other comprehensive income		30,663			8,491			21,618			(30,109	)		30,663
Comprehensive income		92,740			56,696			58,717			(115,139	)		93,014
Comprehensive income attributable to noncontrolling interest		—			—			(292	)		(6	)		(298	)
Comprehensive income attributable to Oil States International, Inc.	$	92,740		$	56,696		$	58,425		$	(115,145	)	$	92,716

Condensed Consolidating Balance Sheets

	March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(398	)	$	1,281		$	69,768		$	—		$	70,651
Accounts receivable, net		10			501,575			341,385			—			842,970
Inventories, net		—			598,405			129,629			(210	)		727,824
Prepaid expenses and other current assets		8,491			4,214			10,976			—			23,681
Total current assets		8,103			1,105,475			551,758			(210	)		1,665,126
Property, plant and equipment, net		1,719			481,534			1,140,981			(162	)		1,624,072
Goodwill, net		—			172,598			298,392			—			470,990
Other intangible assets, net		—			30,607			94,900			—			125,507
Investments in unconsolidated affiliates		2,286,171			571,595			3,110			(2,851,472	)		9,404
Long-term intercompany receivables (payables)		844,557			(469,002	)		(382,516	)		6,961			—
Other noncurrent assets		40,399			479			11,788			—			52,666
Total assets	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,283		$	216,192		$	114,317		$	(3	)	$	372,789
Income taxes		(60,972	)		80,088			13,282			—			32,398
Current portion of long-term debt and capitalized leases		20,018			2,393			10,138			—			32,549
Deferred revenue		—			45,014			24,606			—			69,620
Other current liabilities		—			6,281			286			—			6,567
Total current liabilities		1,329			349,968			162,629			(3	)		513,923
Long-term debt and capitalized leases		1,043,362			6,339			119,311			—			1,169,012
Deferred income taxes		(10,731	)		66,626			45,316			—			101,211
Other noncurrent liabilities		11,583			8,707			6,831			(449	)		26,672
Total liabilities		1,045,543			431,640			334,087			(452	)		1,810,818
Stockholders’ equity		2,135,406			1,461,646			1,382,999			(2,844,645	)		2,135,406
Non-controlling interest		—			—			1,327			214			1,541
Total stockholders’ equity		2,135,406			1,461,646			1,384,326			(2,844,431	)		2,136,947
Total liabilities and stockholders’ equity	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765

	December 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(274	)	$	1,900		$	70,095		$	—		$	71,721
Accounts receivable, net		974			461,033			270,233			—			732,240
Inventories, net		—			539,066			114,824			(192	)		653,698
Prepaid expenses and other current assets		10,780			7,902			13,318			—			32,000
Total current assets		11,480			1,009,901			468,470			(192	)		1,489,659
Property, plant and equipment, net		1,530			464,399			1,091,325			(166	)		1,557,088
Goodwill, net		—			172,598			294,852			—			467,450
Other intangible assets, net		—			31,372			96,230			—			127,602
Investments in unconsolidated affiliates		2,096,505			235,617			23,517			(2,347,878	)		7,761
Long-term intercompany receivables (payables)		831,477			(459,735	)		(378,706	)		6,964			—
Other noncurrent assets		41,234			458			12,389			—			54,081
Total assets	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,693		$	206,125		$	100,140		$	(1	)	$	348,957
Income taxes		(49,069	)		51,986			7,478			—			10,395
Current portion of long-term debt and capitalized leases		20,018			4,404			10,013			—			34,435
Deferred revenue		—			47,227			28,270			—			75,497
Other current liabilities		—			5,382			283			—			5,665
Total current liabilities		13,642			315,124			146,184			(1	)		474,949
Long-term debt and capitalized leases		1,008,969			6,437			127,099			—			1,142,505
Deferred income taxes		(13,146	)		69,751			40,772			—			97,377
Other noncurrent liabilities		10,605			8,634			6,748			(449	)		25,538
Total liabilities		1,020,070			399,946			320,803			(450	)		1,740,369
Stockholders’ equity		1,962,156			1,054,664			1,286,368			(2,341,032	)		1,962,156
Non-controlling interest		—			—			906			210			1,116
Total stockholders’ equity		1,962,156			1,054,664			1,287,274			(2,340,822	)		1,963,272
Total liabilities and stockholders’ equity	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(31,273	)	$	45,008		$	53,482		$	—		$	67,217
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(405	)		(37,532	)		(63,465	)		—			(101,402	)
Proceeds from sale of equipment		—			1,316			320			—			1,636
Other, net		(2	)		(194	)		(993	)		—			(1,189	)
Net cash provided by (used in) investing activities		(407	)		(36,410	)		(64,138	)		—			(100,955	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net		37,362			—			(7,421	)		—			29,941
Term loan repayments		(5,000	)		—			(2,526	)		—			(7,526	)
Debt and capital lease payments		(4	)		(2,108	)		(71	)		—			(2,183	)
Issuance of common stock from share-based payment arrangements		6,775			—			—			—			6,775
Excess tax benefits from share-based payment arrangements		5,175			—			—			—			5,175
Proceeds from (funding of) accounts and notes with affiliates, net		(9,327	)		(7,054	)		16,391			(10	)		—
Other, net		(3,425	)		—			—			—			(3,425	)
Net cash provided by (used in) financing activities		31,556			(9,162	)		6,373			(10	)		28,757
Effect of exchange rate changes on cash		—			—			3,956			10			3,966
Net change in cash and cash equivalents from continuing operations		(124	)		(564	)		(327	)		—			(1,015	)
Net cash used in discontinued operations operating activities		—			(55	)		—			—			(55	)
Cash and cash equivalents, beginning of period		(274	)		1,900			70,095			—			71,721
Cash and cash equivalents, end of period	$	(398	)	$	1,281		$	69,768		$	—		$	70,651

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(24,132	)	$	24,935		$	35,409		$	—		$	36,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(133	)		(28,715	)		(63,761	)					(92,609	)
Acquisitions of businesses, net of cash acquired		—			(212	)		—			—			(212	)
Proceeds from sale of equipment		—			542			83			—			625
Other, net		1			(1,404	)		162			—			(1,241	)
Net cash used in investing activities		(132	)		(29,789	)		(63,516	)		—			(93,437	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings and (repayments), net		52,459			—			(1,702	)		—			50,757
Term loan repayments		(2,500	)		—			(1,285	)		—			(3,785	)
Debt and capital lease payments		(7	)		(120	)		(171	)		—			(298	)
Issuance of common stock from share-based payment arrangements		6,377			—			—			—			6,377
Excess tax benefits from share-based payment arrangements		4,439			—			—			—			4,439
Proceeds from (funding of) accounts and notes with affiliates, net		(33,731	)		4,094			29,633			4			—
Other, net		(2,741	)		—			—			—			(2,741	)
Net cash provided by financing activities		24,296			3,974			26,475			4			54,749
Effect of exchange rate changes on cash		—			9			3,172			(4	)		3,177
Net change in cash and cash equivalents from continuing operations		32			(871	)		1,540			—			701
Net cash used in discontinued operations operating activities		—			(78	)		—			—			(78	)
Cash and cash equivalents, beginning of period		(180	)		1,170			95,360			—			96,350
Cash and cash equivalents, end of period	$	(148	)	$	221		$	96,900		$	—		$	96,973

XML

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Organization and Basis of Presentation [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

1. ORGANIZATION AND BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its wholly-owned subsidiaries (referred to in this report as we or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year.

The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements.

The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2011 (the 2011 Form 10-K).

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Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 135,472	$ 62,351
Other comprehensive income:
Foreign currency translation adjustment	25,246	30,663
Total other comprehensive income	25,246	30,663
Comprehensive Income	160,718	93,014
Comprehensive income attributable to noncontrolling interest	(425)	(298)
Comprehensive income attributable to Oil States International, Inc.	$ 160,293	$ 92,716

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Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Information [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Certain wholly-owned subsidiaries, as detailed below (the Guarantor Subsidiaries), have fully and unconditionally guaranteed all of the 6 1/2% Notes issued in 2011 and all of the 2 3/8% Notes issued in 2005.

The following condensed consolidating financial information is included so that separate financial statements of the Guarantor Subsidiaries are not required to be filed with the Commission. The condensed consolidating financial information presents investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

The following condensed consolidating financial information presents: consolidating statements of income and comprehensive income for each of the three month periods ended March 31, 2012 and 2011, condensed consolidating balance sheets as March 31, 2012 and December 31, 2011 and the statements of cash flows for each of the three months ended March 31, 2012 and 2011 of (a) the Company, parent/guarantor, (b) Acute Technological Services, Inc., Capstar Holding, L.L.C., Capstar Drilling, Inc., General Marine Leasing, L.L.C., Oil States Energy Services L.L.C., Oil States Energy Services Holding, Inc., Oil States Energy Services International Holding, L.L.C., Oil States Management, Inc., Oil States Industries, Inc., Oil States Skagit SMATCO, L.L.C., PTI Group USA L.L.C., PTI Mars Holdco 1, L.L.C., Sooner Inc., Sooner Pipe, L.L.C., Sooner Holding Company, Specialty Rental Tools & Supply, L.L.C., Stinger Wellhead Protection, Incorporated, and Well Testing, Inc., (the Guarantor Subsidiaries), (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate the Company and its subsidiaries and (e) the Company on a consolidated basis. Note: As of January 1, 2012, Specialty Rental Tools & Supply, L.L.C., Stinger Wellhead Protection, Incorporated, and Well Testing, Inc. were combined to form Oil States Energy Services L.L.C.

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	753,261		$	345,731		$	—		$	1,098,992
Intercompany revenues		—			5,038			30			(5,068	)		—
Total revenues		—			758,299			345,761			(5,068	)		1,098,992
OPERATING EXPENSES
Cost of sales and services		—			611,413			186,167			(1,783	)		795,797
Intercompany cost of sales and services		—			3,222			45			(3,267	)		—
Selling, general and administrative expenses		10,898			20,564			16,277			—			47,739
Depreciation and amortization expense		215			21,086			29,369			(5	)		50,665
Other operating (income) expense		(159	)		(583	)		1,286			—			544
Operating income (loss)		(10,954	)		102,597			112,617			(13	)		204,247
Interest expense, net of capitalized interest		(16,837	)		(218	)		(18,446	)		17,557			(17,944	)
Interest income		5,072			22			12,760			(17,557	)		297
Equity in earnings (loss) of unconsolidated affiliates		157,092			14,615			178			(171,465	)		420
Other income		—			1,628			107			—			1,735
Income before income taxes		134,373			118,644			107,216			(171,478	)		188,755
Income tax provision		692			(28,581	)		(25,394	)		—			(53,283	)
Net income		135,065			90,063			81,822			(171,478	)		135,472
Other comprehensive income:
Foreign currency translation adjustment		25,246			18,232			18,964			(37,196	)		25,246
Total other comprehensive income		25,246			18,232			18,964			(37,196	)		25,246
Comprehensive income		160,311			108,295			100,786			(208,674	)		160,718
Comprehensive income attributable to noncontrolling interest		—			—			(420	)		(5	)		(425	)
Comprehensive income attributable to Oil States International, Inc.	$	160,311		$	108,295		$	100,366		$	(208,679	)	$	160,293

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
REVENUES
Operating revenues	$	—		$	523,284		$	237,157		$	—		$	760,441
Intercompany revenues		—			1,656			316			(1,972	)		—
Total revenues		—			524,940			237,473			(1,972	)		760,441
OPERATING EXPENSES
Cost of sales and services		—			433,196			141,926			(724	)		574,398
Intercompany cost of sales and services		—			1,074			174			(1,248	)		—
Selling, general and administrative expenses		9,400			19,644			14,664			—			43,708
Depreciation and amortization expense		184			21,506			23,463			(2	)		45,151
Other operating (income)expense		1,033			(117	)		1,490			2			2,408
Operating income (loss)		(10,617	)		49,637			55,756			—			94,776
Interest expense		(8,411	)		(346	)		(22,457	)		20,965			(10,249	)
Interest income		2,569			5,783			13,625			(20,964	)		1,013
Equity in earnings of unconsolidated affiliates		77,894			7,186			2			(85,031	)		51
Other income (expense)		—			151			(8	)		—			143
Income before income taxes		61,435			62,411			46,918			(85,030	)		85,734
Income tax provision		642			(14,206	)		(9,819	)		—			(23,383	)
Net income		62,077			48,205			37,099			(85,030	)		62,351
Other comprehensive income:
Foreign currency translation adjustment		30,663			8,491			21,618			(30,109	)		30,663
Total other comprehensive income		30,663			8,491			21,618			(30,109	)		30,663
Comprehensive income		92,740			56,696			58,717			(115,139	)		93,014
Comprehensive income attributable to noncontrolling interest		—			—			(292	)		(6	)		(298	)
Comprehensive income attributable to Oil States International, Inc.	$	92,740		$	56,696		$	58,425		$	(115,145	)	$	92,716

Condensed Consolidating Balance Sheets

	March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(398	)	$	1,281		$	69,768		$	—		$	70,651
Accounts receivable, net		10			501,575			341,385			—			842,970
Inventories, net		—			598,405			129,629			(210	)		727,824
Prepaid expenses and other current assets		8,491			4,214			10,976			—			23,681
Total current assets		8,103			1,105,475			551,758			(210	)		1,665,126
Property, plant and equipment, net		1,719			481,534			1,140,981			(162	)		1,624,072
Goodwill, net		—			172,598			298,392			—			470,990
Other intangible assets, net		—			30,607			94,900			—			125,507
Investments in unconsolidated affiliates		2,286,171			571,595			3,110			(2,851,472	)		9,404
Long-term intercompany receivables (payables)		844,557			(469,002	)		(382,516	)		6,961			—
Other noncurrent assets		40,399			479			11,788			—			52,666
Total assets	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,283		$	216,192		$	114,317		$	(3	)	$	372,789
Income taxes		(60,972	)		80,088			13,282			—			32,398
Current portion of long-term debt and capitalized leases		20,018			2,393			10,138			—			32,549
Deferred revenue		—			45,014			24,606			—			69,620
Other current liabilities		—			6,281			286			—			6,567
Total current liabilities		1,329			349,968			162,629			(3	)		513,923
Long-term debt and capitalized leases		1,043,362			6,339			119,311			—			1,169,012
Deferred income taxes		(10,731	)		66,626			45,316			—			101,211
Other noncurrent liabilities		11,583			8,707			6,831			(449	)		26,672
Total liabilities		1,045,543			431,640			334,087			(452	)		1,810,818
Stockholders’ equity		2,135,406			1,461,646			1,382,999			(2,844,645	)		2,135,406
Non-controlling interest		—			—			1,327			214			1,541
Total stockholders’ equity		2,135,406			1,461,646			1,384,326			(2,844,431	)		2,136,947
Total liabilities and stockholders’ equity	$	3,180,949		$	1,893,286		$	1,718,413		$	(2,844,883	)	$	3,947,765

Condensed Consolidating Balance Sheets

	December 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	(274	)	$	1,900		$	70,095		$	—		$	71,721
Accounts receivable, net		974			461,033			270,233			—			732,240
Inventories, net		—			539,066			114,824			(192	)		653,698
Prepaid expenses and other current assets		10,780			7,902			13,318			—			32,000
Total current assets		11,480			1,009,901			468,470			(192	)		1,489,659
Property, plant and equipment, net		1,530			464,399			1,091,325			(166	)		1,557,088
Goodwill, net		—			172,598			294,852			—			467,450
Other intangible assets, net		—			31,372			96,230			—			127,602
Investments in unconsolidated affiliates		2,096,505			235,617			23,517			(2,347,878	)		7,761
Long-term intercompany receivables (payables)		831,477			(459,735	)		(378,706	)		6,964			—
Other noncurrent assets		41,234			458			12,389			—			54,081
Total assets	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,693		$	206,125		$	100,140		$	(1	)	$	348,957
Income taxes		(49,069	)		51,986			7,478			—			10,395
Current portion of long-term debt and capitalized leases		20,018			4,404			10,013			—			34,435
Deferred revenue		—			47,227			28,270			—			75,497
Other current liabilities		—			5,382			283			—			5,665
Total current liabilities		13,642			315,124			146,184			(1	)		474,949
Long-term debt and capitalized leases		1,008,969			6,437			127,099			—			1,142,505
Deferred income taxes		(13,146	)		69,751			40,772			—			97,377
Other noncurrent liabilities		10,605			8,634			6,748			(449	)		25,538
Total liabilities		1,020,070			399,946			320,803			(450	)		1,740,369
Stockholders’ equity		1,962,156			1,054,664			1,286,368			(2,341,032	)		1,962,156
Non-controlling interest		—			—			906			210			1,116
Total stockholders’ equity		1,962,156			1,054,664			1,287,274			(2,340,822	)		1,963,272
Total liabilities and stockholders’ equity	$	2,982,226		$	1,454,610		$	1,608,077		$	(2,341,272	)	$	3,703,641

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2012
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(31,273	)	$	45,008		$	53,482		$	—		$	67,217
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(405	)		(37,532	)		(63,465	)		—			(101,402	)
Proceeds from sale of equipment		—			1,316			320			—			1,636
Other, net		(2	)		(194	)		(993	)		—			(1,189	)
Net cash provided by (used in) investing activities		(407	)		(36,410	)		(64,138	)		—			(100,955	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings (repayments), net		37,362			—			(7,421	)		—			29,941
Term loan repayments		(5,000	)		—			(2,526	)		—			(7,526	)
Debt and capital lease payments		(4	)		(2,108	)		(71	)		—			(2,183	)
Issuance of common stock from share-based payment arrangements		6,775			—			—			—			6,775
Excess tax benefits from share-based payment arrangements		5,175			—			—			—			5,175
Proceeds from (funding of) accounts and notes with affiliates, net		(9,327	)		(7,054	)		16,391			(10	)		—
Other, net		(3,425	)		—			—			—			(3,425	)
Net cash provided by (used in) financing activities		31,556			(9,162	)		6,373			(10	)		28,757
Effect of exchange rate changes on cash		—			—			3,956			10			3,966
Net change in cash and cash equivalents from continuing operations		(124	)		(564	)		(327	)		—			(1,015	)
Net cash used in discontinued operations operating activities		—			(55	)		—			—			(55	)
Cash and cash equivalents, beginning of period		(274	)		1,900			70,095			—			71,721
Cash and cash equivalents, end of period	$	(398	)	$	1,281		$	69,768		$	—		$	70,651

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2011
	Oil States International, Inc. (Parent/ Guarantor)			Guarantor Subsidiaries			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Consolidated Oil States International, Inc.
	(In thousands)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	(24,132	)	$	24,935		$	35,409		$	—		$	36,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalized interest		(133	)		(28,715	)		(63,761	)					(92,609	)
Acquisitions of businesses, net of cash acquired		—			(212	)		—			—			(212	)
Proceeds from sale of equipment		—			542			83			—			625
Other, net		1			(1,404	)		162			—			(1,241	)
Net cash used in investing activities		(132	)		(29,789	)		(63,516	)		—			(93,437	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings and (repayments), net		52,459			—			(1,702	)		—			50,757
Term loan repayments		(2,500	)		—			(1,285	)		—			(3,785	)
Debt and capital lease payments		(7	)		(120	)		(171	)		—			(298	)
Issuance of common stock from share-based payment arrangements		6,377			—			—			—			6,377
Excess tax benefits from share-based payment arrangements		4,439			—			—			—			4,439
Proceeds from (funding of) accounts and notes with affiliates, net		(33,731	)		4,094			29,633			4			—
Other, net		(2,741	)		—			—			—			(2,741	)
Net cash provided by financing activities		24,296			3,974			26,475			4			54,749
Effect of exchange rate changes on cash		—			9			3,172			(4	)		3,177
Net change in cash and cash equivalents from continuing operations		32			(871	)		1,540			—			701
Net cash used in discontinued operations operating activities		—			(78	)		—			—			(78	)
Cash and cash equivalents, beginning of period		(180	)		1,170			95,360			—			96,350
Cash and cash equivalents, end of period	$	(148	)	$	221		$	96,900		$	—		$	96,973

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	Apr. 25, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	OIL STATES INTERNATIONAL, INC
Entity Central Index Key	0001121484
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		51,639,172
Treasury Stock, Number of Shares Held		3,555,441

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Details of Selected Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2012

Details of Selected Balance Sheet Accounts [Abstract]

Additional information of selected balance sheet accounts

	MARCH 31, 2012			DECEMBER 31, 2011
Accounts receivable, net:
Trade	$	604,229		$	553,481
Unbilled revenue		240,410			180,273
Other		2,521			2,449
Total accounts receivable		847,160			736,203
Allowance for doubtful accounts		(4,190	)		(3,963	)
	$	842,970		$	732,240

	MARCH 31, 2012			DECEMBER 31, 2011
Inventories, net:
Tubular goods	$	473,070		$	420,519
Other finished goods and purchased products		97,190			80,184
Work in process		68,896			76,353
Raw materials		99,581			86,672
Total inventories		738,737			663,728
Allowance for obsolescence		(10,913	)		(10,030	)
	$	727,824		$	653,698

	ESTIMATED USEFUL  LIFE		MARCH 31, 2012			DECEMBER 31, 2011
Property, plant and equipment, net:
Land			$	49,420		$	48,989
Buildings and leasehold improvements (1)		1-40 years		166,003			154,233
Machinery and equipment		1-29 years		352,627			355,798
Accommodations assets (1)		2-15 years		1,196,411			1,160,661
Rental tools		4-10 years		220,369			199,084
Office furniture and equipment		1-10 years		49,186			48,081
Vehicles		2-10 years		103,130			100,554
Construction in progress				213,153			166,371
Total property, plant and equipment				2,350,299			2,233,771
Accumulated depreciation				(726,227	)		(676,683	)
			$	1,624,072		$	1,557,088

	MARCH 31, 2012		DECEMBER 31, 2011
Accounts payable and accrued liabilities:
Trade accounts payable	$	283,865	$	252,209
Accrued compensation		36,307		61,394
Accrued interest		14,578		6,035
Insurance liabilities		12,753		12,396
Accrued taxes, other than income taxes		12,924		5,889
Liabilities related to discontinued operations		2,070		2,125
Other		10,292		8,909
	$	372,789	$	348,957

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 70,651	$ 71,721
Accounts receivable, net	842,970	732,240
Inventories, net	727,824	653,698
Prepaid expenses and other current assets	23,681	32,000
Total current assets	1,665,126	1,489,659
Property, plant, and equipment, net	1,624,072	1,557,088
Goodwill, net	470,990	467,450
Other intangible assets, net	125,507	127,602
Other noncurrent assets	62,070	61,842
Total assets	3,947,765	3,703,641
Current liabilities:
Accounts payable and accrued liabilities	372,789	348,957
Income taxes	32,398	10,395
Current portion of long-term debt and capitalized leases	32,549	34,435
Deferred revenue	69,620	75,497
Other current liabilities	6,567	5,665
Total current liabilities	513,923	474,949
Long-term debt and capitalized leases	1,169,012	1,142,505
Deferred income taxes	101,211	97,377
Other noncurrent liabilities	26,672	25,538
Total liabilities	1,810,818	1,740,369
Oil States International, Inc. stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 55,189,013 shares and 54,803,539 shares issued, respectively and 51,633,572 shares and 51,288,750 shares outstanding, respectively	552	548
Additional paid-in capital	562,075	545,730
Retained earnings	1,585,651	1,450,586
Accumulated other comprehensive income	99,617	74,371
Treasury stock, at cost, 3,555,441 and 3,514,789 shares, respectively	(112,489)	(109,079)
Total Oil States International, Inc. stockholders' equity	2,135,406	1,962,156
Noncontrolling interest	1,541	1,116
Total stockholders' equity	2,136,947	1,963,272
Total liabilities and stockholders' equity	$ 3,947,765	$ 3,703,641

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Changes in Common Stock Outstanding

3 Months Ended

Mar. 31, 2012

Changes in Common Stock Outstanding [Abstract]

CHANGES IN COMMON STOCK OUTSTANDING

7. CHANGES IN COMMON STOCK OUTSTANDING

Shares of common stock outstanding – January 1, 2012	51,288,750
Shares issued upon exercise of stock options and vesting of stock awards	385,474
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury	(40,652	)
Shares of common stock outstanding – March 31, 2012	51,633,572

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Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

DEBT

6. DEBT

As of March 31, 2012 and December 31, 2011, long-term debt consisted of the following (in thousands):

	March 31,		December 31,
	2012		2011
	(Unaudited)
U.S. revolving credit facility, which matures December 10, 2015, with available commitments up to $500 million and with a weighted average interest rate of 3.4% for the three month period ended March 31, 2012	$	105,428	$	68,065
U.S. term loan, which matures December 10, 2015, of $200 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 2.6% for the three month period ended March 31, 2012		185,000		190,000
Canadian revolving credit facility, which matures on December 10, 2015, with available commitments up to $250 million and with a weighted average interest rate of 4.3% for the three month period ended March 31, 2012		—		—
Canadian term loan, which matures December 10, 2015, of $100 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 3.5% for the three month period ended March 31, 2012		92,963		93,795
Australian revolving credit facility, which matures November 30, 2013, with available commitments up to A$150 million and with a weighted average interest rate of 6.5% for the three month period ended March 31, 2012		36,284		43,050
6 1/2% senior unsecured notes—due June 2019		600,000		600,000
2 3/8% contingent convertible senior subordinated notes, net due 2025		172,919		170,884
Subordinated unsecured notes payable to sellers of businesses, fixed interest rate of 6%, which mature in December 2012		2,000		4,000
Capital lease obligations and other debt		6,967		7,146
Total debt		1,201,561		1,176,940
Less: Current portion		32,549		34,435
Total long-term debt and capitalized leases	$	1,169,012	$	1,142,505

On June 1, 2011, the Company sold $600 million aggregate principal amount of 6 1/2% senior unsecured notes (6 1/2% Notes) due 2019 through a private placement to qualified institutional buyers.

The 6 1/2% Notes are senior unsecured obligations of the Company, are guaranteed by our material U.S. subsidiaries (the Guarantors), bear interest at a rate of 6 1/2% per annum and mature on June 1, 2019. At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.500% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. Prior to June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. The optional redemption prices as a percentage of principal amount are as follows:

Twelve Month Period Beginning June 1,	% of Principal Amount
2014	104.875%
2015	103.250%
2016	101.625%
2017	100.000%

The Company utilized approximately $515 million of the net proceeds of the 6 1/2% Note offering in June 2011 to repay borrowings outstanding under its senior secured credit facilities. The remaining net proceeds of approximately $75 million were utilized for general corporate purposes.

As of March 31, 2012, we classified the $175.0 million principal amount of our 2 3/8% Contingent Convertible Senior Subordinated Notes (2 3/8% Notes), net of unamortized discount, as a noncurrent liability based on our ability and intent to refinance the 2 3/8% Notes utilizing borrowings available under our senior secured credit facilities. As of March 31, 2012, the contingent conversion thresholds were met and, as a result, 2 3/8% Note holders could present their notes for conversion during the quarter following the March 31, 2012 measurement date. As of March 31, 2012, the recent trading prices of the 2 3/8% Notes exceeded their conversion value due to the remaining imbedded conversion option of the holder. Should a 2 3/8% Note holder convert their notes, we would utilize our existing credit facilities to fund the cash portion of the conversion value.

The following table presents the carrying amount of our 2 3/8% Notes in our condensed consolidated balance sheets (in thousands):

	March 31, 2012		December 31, 2011
Carrying amount of the equity component in additional paid-in capital	$	28,434	$	28,434
Principal amount of the liability component	$	174,990	$	174,990
Less: Unamortized discount		2,071		4,106
Net carrying amount of the liability component	$	172,919	$	170,884

Unamortized Discount – 2 3/8% Notes

The effective interest rate of 7.17% has been applied as of the issuance date for our 2 3/8% Notes in accordance with ASC 470-20 – Debt with Conversion and Other Options. Interest expense on the 2 3/8% Notes, excluding amortization of debt issue costs, was as follows (in thousands):

	Three months ended March 31,
	2012		2011
Interest expense	$	3,074	$	2,934

	March 31, 2012
Remaining period over which discount will be amortized		3 months
Conversion price	$	31.75
Number of shares to be delivered upon conversion (1)		3,269,759
Conversion value in excess of principal amount (in thousands) (1)	$	255,237
Derivative transactions entered into in connection with the convertible notes		None

(1) Calculation is based on the Company’s March 30, 2012 closing stock price of $78.06.

On July 13, 2011, The MAC Services Group Limited (The MAC) entered into a A$150 million revolving loan facility governed by a Facility Agreement (the Facility Agreement) between The MAC and National Australia Bank Limited, which is guaranteed by the Company. The Facility Agreement amended The MAC’s existing A$75 million revolving loan facility on substantially the same terms, including the maturity date of the Facility Agreement of November 30, 2013. As of March 31, 2012, we had A$35 million outstanding under the Australian facility leaving A$115 million available to be drawn under this facility.

The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, and debt instruments. The Company believes that the carrying values of these instruments, other than our 2 3/8% Notes and our 6 1/2% Notes, on the accompanying consolidated balance sheets approximate their fair values.

The fair values of our 2 3/8% and 6 1/2 % Notes are estimated based on quoted prices in active markets (Level 1 fair value measurements). The carrying values and fair values of these notes were as follows (in thousands):

				March 31, 2012				December 31, 2011
	Interest			Carrying		Fair		Carrying		Fair
	Rate			Value		Value		Value		Value
6 1/2% Notes
Principal amount due 2019		6 1/2	%	$	600,000	$	634,500	$	600,000	$	625,128
2 3/8% Notes
Principal amount due 2025		2 3/8	%	$	174,990	$	430,794	$	174,990	$	411,396
Less: unamortized discount					2,071		—		4,106		—
Net value				$	172,919	$	430,794	$	170,884	$	411,396

As of March 31, 2012, the estimated fair value of the Company’s debt outstanding under its credit facilities was estimated to be at fair value.

As March 31, 2012, the Company had approximately $70.7 million of cash and cash equivalents and $618.8 million of the Company’s U.S. and Canadian credit facilities available for future financing needs. The Company also had availability totaling A$115 million under its Australian credit facility. As of March 31, 2012, we had $29.8 million of outstanding letters of credit.

Interest expense on the condensed consolidated statements of income is net of capitalized interest of $1.2 million for the three months ended March 31, 2012 and $1.1 million for the same period in 2011.

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Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment and Related Information [Abstract]

Financial information by business segment

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2012
Well site services –
Rental tools and services	$	135,554	$	11,439	$	33,794		$	—	$	18,526	$	493,458
Drilling services		47,407		5,071		7,459			—		8,563		129,973
Total well site services		182,961		16,510		41,253			—		27,089		623,431
Accommodations		301,820		29,951		119,025			—		63,908		1,889,393
Offshore products		185,720		3,418		32,501			185		9,986		684,271
Tubular services		428,491		571		22,421			235		15		702,983
Corporate and eliminations		—		215		(10,953	)		—		404		47,687
Total	$	1,098,992	$	50,665	$	204,247		$	420	$	101,402	$	3,947,765

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2011
Well site services –
Rental tools and services	$	107,531	$	9,796	$	24,389		$	—	$	16,841	$	394,884
Drilling services		33,105		4,933		2,235			—		7,168		111,689
Total well site services		140,636		14,729		26,624			—		24,009		506,573
Accommodations		197,099		26,553		48,973			2		62,041		1,565,719
Offshore products		128,441		3,334		16,750			—		4,055		568,602
Tubular services		294,265		351		13,046			49		2,372		475,362
Corporate and eliminations		—		184		(10,617	)		—		132		50,500
Total	$	760,441	$	45,151	$	94,776		$	51	$	92,609	$	3,166,756

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings per share attributable to parent

	THREE MONTHS ENDED MARCH 31
	2012		2011
Basic earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Basic earnings per share	$	2.63	$	1.22
Diluted earnings per share:
Net income attributable to Oil States International, Inc.	$	135,065	$	62,077
Weighted average number of shares outstanding		51,430		50,936
Effect of dilutive securities:
Options on common stock		578		727
2 3/8% Convertible Senior Subordinated Notes		3,361		2,988
Restricted stock awards and other		188		201
Total shares and dilutive securities		55,557		54,852
Diluted earnings per share	$	2.43	$	1.13

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Segment and Related Information

3 Months Ended

Mar. 31, 2012

Segment and Related Information [Abstract]

SEGMENT AND RELATED INFORMATION

10. SEGMENT AND RELATED INFORMATION

In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, the Company has identified the following reportable segments: well site services, accommodations, offshore products and tubular services. The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies. Most of the businesses were initially acquired as a unit, and the management at the time of the acquisition was retained. Subsequent acquisitions have been direct extensions to our business segments. The separate business lines within the well site services segment have been disclosed to provide additional detail for that segment. Results of a portion of our accommodations segment supporting traditional oil and natural gas drilling activities are impacted by seasonally higher activity during the Canadian winter drilling season occurring in the first calendar quarter.

Financial information by business segment for each of the three months ended March 31, 2012 and 2011 is summarized in the following table (in thousands):

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2012
Well site services –
Rental tools and services	$	135,554	$	11,439	$	33,794		$	—	$	18,526	$	493,458
Drilling services		47,407		5,071		7,459			—		8,563		129,973
Total well site services		182,961		16,510		41,253			—		27,089		623,431
Accommodations		301,820		29,951		119,025			—		63,908		1,889,393
Offshore products		185,720		3,418		32,501			185		9,986		684,271
Tubular services		428,491		571		22,421			235		15		702,983
Corporate and eliminations		—		215		(10,953	)		—		404		47,687
Total	$	1,098,992	$	50,665	$	204,247		$	420	$	101,402	$	3,947,765

	Revenues from unaffiliated customers		Depreciation and amortization		Operating income (loss)			Equity in earnings of unconsolidated affiliates		Capital expenditures		Total assets
Three months ended March 31, 2011
Well site services –
Rental tools and services	$	107,531	$	9,796	$	24,389		$	—	$	16,841	$	394,884
Drilling services		33,105		4,933		2,235			—		7,168		111,689
Total well site services		140,636		14,729		26,624			—		24,009		506,573
Accommodations		197,099		26,553		48,973			2		62,041		1,565,719
Offshore products		128,441		3,334		16,750			—		4,055		568,602
Tubular services		294,265		351		13,046			49		2,372		475,362
Corporate and eliminations		—		184		(10,617	)		—		132		50,500
Total	$	760,441	$	45,151	$	94,776		$	51	$	92,609	$	3,166,756

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Stock Based Compensation

3 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

STOCK BASED COMPENSATION

8. STOCK BASED COMPENSATION

During the first three months of 2012, we granted restricted stock awards totaling 274,378 shares valued at a total of $23.2 million. Of the restricted stock awards granted in the first quarter of 2012, a total of 203,000 awards vest in four equal annual installments beginning in February 2013, 47,625 awards are performance shares that may vest in February 2015 in an amount that will depend on the Company’s achievement of specified performance objectives and 23,625 awards vest 100% in February 2016. The performance based awards have a performance criteria that will be measured based upon the Company’s achievement levels of average after-tax annual return on invested capital for the three year period 2012 to 2014. During the three months ended March 31, 2012, the Company also granted 54,950 units of phantom shares under the newly created Canadian Long-Term Incentive Plan, which provides for the granting of units of phantom shares to key Canadian employees. These awards vest in three equal annual installments beginning in February 2013 and are accounted for as a liability. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of the Company’s common stock on the vesting date. A total of 155,250 stock options with a ten-year term were awarded in the three months ended March 31, 2012 with an average exercise price of $84.52 that will vest in four equal annual installments starting in February 2013.

Stock based compensation pre-tax expense recognized in the three month periods ended March 31, 2012 and 2011 totaled $4.4 million and $3.4 million, or $0.06 and $0.05 per diluted share after tax, respectively. The total fair value of restricted stock awards that vested during the three months ended March 31, 2012 and 2011 was $12.8 million and $10.6 million, respectively. At March 31, 2012, $48.6 million of compensation cost related to unvested stock options and restricted stock awards attributable to future performance had not yet been recognized.

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Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

INCOME TAXES

9. INCOME TAXES

Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three months ended March 31, 2012 totaled $53.3 million, or 28.2% of pretax income, compared to $23.4 million, or 27.3% of pretax income, for the three months ended March 31, 2011. The increase in the effective tax rate from the prior year was largely the result of a higher foreign effective tax rate in 2012 compared to 2011.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including warranty and product liability claims and occasional claims by individuals alleging exposure to hazardous materials as a result of its products or operations. Some of these claims relate to matters occurring prior to its acquisition of businesses, and some relate to businesses it has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses, and in other cases, it has indemnified the buyers of businesses from it. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on it, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on its consolidated financial position, results of operations or liquidity.

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Debt (Details 4) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Jun. 01, 2011
2 3/8% senior notes [Member]
Debt Instrument [Line Items]
Interest rate	2.375%
Principal amount of the liability component	$ 174,990	$ 174,990
Less: unamortized discount	2,071	4,106
2 3/8% senior notes [Member] | Fair Value Inputs Level 1 [Member]
Debt Instrument [Line Items]
Principal amount due 2025	430,794	411,396
6 1/2% senior notes [Member]
Debt Instrument [Line Items]
Interest rate	6.50%		6.50%
Principal amount of the liability component	600,000	600,000	600,000
6 1/2% senior notes [Member] | Fair Value Inputs Level 1 [Member]
Debt Instrument [Line Items]
Principal amount due 2025	$ 634,500	$ 625,128

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Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Long-term debt

	March 31,		December 31,
	2012		2011
	(Unaudited)
U.S. revolving credit facility, which matures December 10, 2015, with available commitments up to $500 million and with a weighted average interest rate of 3.4% for the three month period ended March 31, 2012	$	105,428	$	68,065
U.S. term loan, which matures December 10, 2015, of $200 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 2.6% for the three month period ended March 31, 2012		185,000		190,000
Canadian revolving credit facility, which matures on December 10, 2015, with available commitments up to $250 million and with a weighted average interest rate of 4.3% for the three month period ended March 31, 2012		—		—
Canadian term loan, which matures December 10, 2015, of $100 million; 2.5% of aggregate principal repayable per quarter; weighted average interest rate of 3.5% for the three month period ended March 31, 2012		92,963		93,795
Australian revolving credit facility, which matures November 30, 2013, with available commitments up to A$150 million and with a weighted average interest rate of 6.5% for the three month period ended March 31, 2012		36,284		43,050
6 1/2% senior unsecured notes—due June 2019		600,000		600,000
2 3/8% contingent convertible senior subordinated notes, net due 2025		172,919		170,884
Subordinated unsecured notes payable to sellers of businesses, fixed interest rate of 6%, which mature in December 2012		2,000		4,000
Capital lease obligations and other debt		6,967		7,146
Total debt		1,201,561		1,176,940
Less: Current portion		32,549		34,435
Total long-term debt and capitalized leases	$	1,169,012	$	1,142,505

Redemption date and percentage of principal amount

Twelve Month Period Beginning June 1,	% of Principal Amount
2014	104.875%
2015	103.250%
2016	101.625%
2017	100.000%

Carrying amount of notes in condensed consolidated balance sheets

	March 31, 2012		December 31, 2011
Carrying amount of the equity component in additional paid-in capital	$	28,434	$	28,434
Principal amount of the liability component	$	174,990	$	174,990
Less: Unamortized discount		2,071		4,106
Net carrying amount of the liability component	$	172,919	$	170,884

Interest expense excluding amortization of debt issue costs

	Three months ended March 31,
	2012		2011
Interest expense	$	3,074	$	2,934

	March 31, 2012
Remaining period over which discount will be amortized		3 months
Conversion price	$	31.75
Number of shares to be delivered upon conversion (1)		3,269,759
Conversion value in excess of principal amount (in thousands) (1)	$	255,237
Derivative transactions entered into in connection with the convertible notes		None

Fair value of financial instruments

				March 31, 2012				December 31, 2011
	Interest			Carrying		Fair		Carrying		Fair
	Rate			Value		Value		Value		Value
6 1/2% Notes
Principal amount due 2019		6 1/2	%	$	600,000	$	634,500	$	600,000	$	625,128
2 3/8% Notes
Principal amount due 2025		2 3/8	%	$	174,990	$	430,794	$	174,990	$	411,396
Less: unamortized discount					2,071		—		4,106		—
Net value				$	172,919	$	430,794	$	170,884	$	411,396

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Details of Selected Balance Sheet Accounts (Details Textual) (USD $) In Millions, unless otherwise specified	Dec. 31, 2011
Details of Selected Balance Sheet Accounts [Abstract]
Reclassified amount in buildings and leasehold improvements	$ 54.7

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Condensed Consolidating Financial Information (Details Textual)	Mar. 31, 2012	Jun. 01, 2011
6 1/2% senior notes [Member]
Cash flows from financing activities:
Interest rate	6.50%	6.50%
2 3/8% senior subordinated notes [Member]
Cash flows from financing activities:
Interest rate	2.375%

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,189,013	54,803,539
Common stock, shares outstanding	51,633,572	51,288,750
Treasury stock, shares	3,555,441	3,514,789

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Goodwill

3 Months Ended

Mar. 31, 2012

Goodwill [Abstract]

GOODWILL

5. GOODWILL

Changes in the carrying amount of goodwill for the three month period ended March 31, 2012 are as follows (in thousands):

	Well Site Services
	Rental Tools and Services			Drilling Services			Subtotal			Accommodations			Offshore Products			Tubular Services			Total
Balance as of December 31, 2010
Goodwill	$	170,034		$	22,767		$	192,801		$	299,062		$	100,654		$	62,863		$	655,380
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,506			—			75,506			299,062			100,654			—			475,222
Goodwill acquired and purchase price adjustments		—			—			—			(9,826	)		315			—			(9,511	)
Foreign currency translation and other changes		(323	)		—			(323	)		2,087			(25	)		—			1,739
		75,183			—			75,183			291,323			100,944			—			467,450
Balance as of December 31, 2011
Goodwill		169,711			22,767			192,478			291,323			100,944			62,863			647,608
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,183			—			75,183			291,323			100,944			—			467,450
Foreign currency translation and other changes		256 75,439			—   —			256 75,439			3,126 294,449			158 101,102			—   —			3,540 470,990
Balance as of March 31, 2012
Goodwill		169,967			22,767			192,734			294,449			101,102			62,863			651,148
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
	$	75,439		$	—		$	75,439		$	294,449		$	101,102		$	—		$	470,990

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Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Basic earnings per share:
Net income attributable to Oil States International, Inc.	$ 135,065	$ 62,077
Weighted average number of shares outstanding	51,430	50,936
Basic earnings per share	$ 2.63	$ 1.22
Diluted earnings per share:
Net income attributable to Oil States International, Inc.	$ 135,065	$ 62,077
Weighted average number of shares outstanding	51,430	50,936
Effect of dilutive securities:
Options on common stock	578	727
2 3/8% Convertible Senior Subordinated Notes	3,361	2,988
Restricted stock awards and other	188	201
Total shares and dilutive securities	55,557	54,852
Diluted earnings per share	$ 2.43	$ 1.13

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Income Taxes (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Income Taxes (Textual) [Abstract]
Income tax provision	$ 53,283	$ 23,383
Percentage of pre tax income	28.20%	27.30%

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Goodwill (Tables)

3 Months Ended

Mar. 31, 2012

Goodwill [Abstract]

Changes in carrying amount of goodwill

	Well Site Services
	Rental Tools and Services			Drilling Services			Subtotal			Accommodations			Offshore Products			Tubular Services			Total
Balance as of December 31, 2010
Goodwill	$	170,034		$	22,767		$	192,801		$	299,062		$	100,654		$	62,863		$	655,380
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,506			—			75,506			299,062			100,654			—			475,222
Goodwill acquired and purchase price adjustments		—			—			—			(9,826	)		315			—			(9,511	)
Foreign currency translation and other changes		(323	)		—			(323	)		2,087			(25	)		—			1,739
		75,183			—			75,183			291,323			100,944			—			467,450
Balance as of December 31, 2011
Goodwill		169,711			22,767			192,478			291,323			100,944			62,863			647,608
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
		75,183			—			75,183			291,323			100,944			—			467,450
Foreign currency translation and other changes		256 75,439			—   —			256 75,439			3,126 294,449			158 101,102			—   —			3,540 470,990
Balance as of March 31, 2012
Goodwill		169,967			22,767			192,734			294,449			101,102			62,863			651,148
Accumulated Impairment Losses		(94,528	)		(22,767	)		(117,295	)		—			—			(62,863	)		(180,158	)
	$	75,439		$	—		$	75,439		$	294,449		$	101,102		$	—		$	470,990