CORPORATE ANNOUNCEMENT
15/10/2010
THE MAC SERVICES ANNOUNCES RECOMMENDED PROPOSED ACQUISITION BY OIL STATES INTERNATIONAL
The MAC Services Group has entered into an agreement under which NYSE-listed Oil States International (“Oil States”) will acquire the Company. If the transaction is approved by Shareholders and the Court, The MAC will become a wholly-owned subsidiary of Oil States.
Oil States is a strong company that provides a broad range of services to the oil and gas industry including remote site accommodation in Canada and the United States through its subsidiary PTI Group Inc (PTI).
The combination of The MAC and Oil States would create an international market leader in remote area mining accommodation and services. Upon completion of the proposed transaction, the combined business would provide accommodation and services to more than 11,000 workers per day in Australia and North America, serving a broad range of customers across the natural resources sector.
Mark Maloney, Chief Executive Officer and Managing Director said: “Oil States International is very well positioned to continue the development of The MAC. We believe Oil States’ complementary remote area mining accommodation and services business, strong financial position and global presence provide great benefits to The MAC’s clients, employees and partners.”
“The joining of these two businesses is a very good fit. Becoming part of a global parent company with a very similar culture, values and business model will be a positive outcome for The MAC, our stakeholders and our people.”
Oil States management team have indicated that it is their intention to follow through with The MAC’s planned projects in Australia and expect to see these fully implemented. The introduction of Oil States will assist the acceleration of the expansion plans within Australia with access to greater financial capacity.
Oil States does not currently have a presence in Australia and will rely on The MAC’s management and staff to oversee and drive the performance and growth of the business in Australia. Continuity of our relationships with clients and stakeholders is critical in ensuring that The MAC delivers the benefits of the transaction.
Importantly, The MAC’s villages will continue to be important hubs within their communities through local employment initiatives and supplier relationships as well as through our many corporate contributions.
The MAC is excited about the opportunities this proposed acquisition provides. The merged entities will lead to greater opportunities for global contracts and international exposure.
The transaction is expected to be completed in December 2010.
About Oil States International
Oil States International, Inc. is a diversified oilfield services company. With locations around the world,Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. Oil States is publicly traded on the New York Stock Exchange under the symbol OIS. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com.
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