Oil States To Spin-off Accommodations Biz Into Separate Company

(RTTNews) - Oil States International Inc. (OIS) Tuesday said its board has approved a plan to spin-off the Accommodations business into a standalone, publicly traded company.

Oil States believes that the proposed spin-off of its Accommodations business can be executed through a tax-free distribution to Oil States shareholders during or before the summer of 2014.

The proposed spin-off will result in two standalone companies, Oil States will be focused on delivering technology and solutions to the growing deepwater and shale play markets. The Accommodations business, which will be renamed prior to separation, will be a leading integrated provider of remote site accommodations services principally for temporary and permanent workforce housing, offering customers a turn-key solution for workforce accommodations, food services, facility management and water and wastewater services.