Offshore and International Revenue Growth
During the third quarter, 75% of consolidated revenues were generated from offshore and international projects, reflecting a successful shift in revenue mix. This is up both sequentially and year over year.
Strong Order Backlog
Backlog increased to $399 million, the highest level since June 2015, supported by robust bookings of $145 million, a 29% quarter-over-quarter increase.
Increased Cash Flow from Operations
Cash flow from operations grew to $31 million, a 105% sequential increase, and the company generated $23 million of free cash flow.
Financial Position and Shareholder Returns
The company repurchased $4 million of common stock and $6 million of convertible senior notes, maintaining a solid cash on hand position with no borrowings under the credit facility.
Safety Awards and Technological Advancements
Oil States International received two safety awards, including the president's gold award for health, safety, and environment incident rate improvement.