Boots & Coots acquiring well control unit

Nov. 23, 2005
Boots & Coots International Well Control Inc., Houston, agreed to acquire hydraulic workover contractor Hydraulic Well Control of Houma, La., a unit of Oil States International Inc., Houston.

By OGJ editors
HOUSTON, Nov. 23 -- Boots & Coots International Well Control Inc., Houston, agreed to acquire hydraulic workover contractor Hydraulic Well Control of Houma, La., a unit of Oil States International Inc., Houston.

With the acquisition, Boots & Coots's services will encompass well blowouts and fires, hydraulic workover, snubbing, and hot tapping as well as engineering and risk management.

Boots & Coots will issue Oil States 26.5 million shares of common stock and subordinated promissory notes with an aggregate balance of $15 million, subject to adjustment.

Closing is expected in the first half of 2006. After closing, Oil States will own 44% of the diluted shares of Boots & Coots, and Oil States will have the right to designate three members to the Boots & Coots board, which will be expanded to eight members.