The following is a summary of the Oil States International, Inc. (OIS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Oil States International reported Q1 revenue of $167 million and adjusted consolidated EBITDA of $15 million. The company noted a net loss of $13 million or $0.21 per share, including a non-cash goodwill impairment charge of $10 million and facility consolidation and other charges amounting to $2.5 million. Excluding these charges, the adjusted net loss was $1.9 million or $0.03 per share.

• The company invested $8 million in land and CapEx, while cash flows from operations totalled $11 million. With no current borrowings under the revolving credit facility, available liquidity stands at $110 million.

Business Progress:

• The company has made segment changes to better reflect the underlying activity demand drivers for their business and management approach.

• In the first quarter of 2024, there was a slowdown in drilling and subsea equipment orders, but the company anticipates recovery in forthcoming quarters.

• Oil States International received two 2024 Spotlight on New Technology Awards for their Swift Ultra-Deepwater Connector and ACTIVEHub platform, highlighting their continued investment in technology and innovation.

• The company purchased land in Batam and embarked on construction with completion aimed for the first half of 2025.

• In terms of operations, the company is focusing on cost management and, in light of competitors' struggles, is considering a strategic shift to consolidate their competitive position.

More details: Oil States International IR

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