Oil States International (NYSE: OIS) is an oilfield products and services company that manufactures and supplies highly engineered equipment for offshore oil and natural gas production, completion and production services for U.S. land markets, and downhole tools for domestic drilling and completion activity. Revenue is transactional, generated through product sales and services across three segments: Offshore Manufactured Products, Completion and Production Services, and Downhole Technologies. Offshore Manufactured Products is the largest segment, contributing 64% of consolidated revenue in FY2025 and 57% in FY2024. Total consolidated revenue was $668.988 million in FY2025, down from $692.588 million in FY2024. The company reported a consolidated operating loss of $97.971 million in FY2025, heavily affected by $121.1 million in non-cash asset impairment charges and $11.6 million in restructuring costs concentrated in U.S. land-focused operations. Offshore Manufactured Products backlog was $435 million as of December 31, 2025, up from $311 million as of December 31, 2024. Demand across all segments is cyclical and tied directly to oil and natural gas price levels and operator capital spending.

Revenue model

Transactional revenue from product sales and services across three segments. Offshore Manufactured Products sells engineered equipment under long lead-time purchase orders and provides offshore installation, inspection, and repair services. Completion and Production Services generates revenue from U.S. land-based well completion and production activity. Downhole Technologies sells tools and products tied to U.S. land drilling and completion volumes.

Products and services

Offshore Manufactured Products: FlexJoint technology, advanced connector systems, high-pressure riser systems, managed pressure drilling systems, compact valves, deepwater mooring systems, cranes, subsea pipeline products, offshore installation services, inspection and repair services, and military and other energy products. Completion and Production Services: U.S. land-based well completion and production services. Downhole Technologies: downhole tools for horizontal drilling and completion in U.S. shale plays.

Customers and end markets

Customers are oil and natural gas exploration and production operators and offshore drilling contractors. Key end markets include deepwater and offshore oil and gas production globally, U.S. land shale plays for completion and downhole segments, and military and other energy applications within the Offshore Manufactured Products segment. Demand is driven by crude oil prices, operator capital spending, and offshore project activity.

Value-chain role

Manufacturer and service provider positioned between raw material suppliers and oil and gas operators. Fabricates highly engineered components for offshore production infrastructure and provides field services. Steel and other metal components are primary raw material inputs; U.S. tariffs on steel and aluminum imports increased input costs beginning in early 2025.

Geographic exposure

Offshore Manufactured Products serves customers in the Gulf of America, Brazil, West Africa, the North Sea, and other major offshore producing regions globally. Completion and Production Services and Downhole Technologies are predominantly U.S. land-based, with limited international activity.

Source: SEC 10-K, filed 2026-03-04

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