Oil States buys Tempress Technologies for $52.5M

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Associated Press

Posted on December 17, 2012 at 11:00 AM

Updated Monday, Dec 17 at 11:04 AM

HOUSTON (AP) — A subsidiary of oilfield services company Oil States International Inc. has purchased Tempress Technologies Inc., a developer of tools used for oil and gas wells, for $52.5 million.

Oil States Energy Services Inc. is funding the transaction with money available under an existing revolving credit facility.

Tempress is based in Kent, Wash.

Shares of Oil States International, which is based in Houston, shed 1 cent to $66.61 in Monday morning trading.

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