HOUSTON, June 2, 2014 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) today announced that it has completed the spin-off of its accommodations business, Civeo Corporation, through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock. Civeo Corporation will begin "regular way" trading on the New York Stock Exchange (the "NYSE") today under the ticker symbol "CVEO".
"The spin-off of Civeo into a separate, publicly traded company is a significant step in our corporate history which will allow both Oil States and Civeo to pursue growth opportunities in each of their respective businesses. This strategic achievement will allow both companies to capitalize on their respective market opportunities and further enhance shareholder value creation. We congratulate the Civeo management team and wish them well as a stand-alone public company."
To effect the spin-off, on May 30, 2014, Oil States' shareholders received two shares of Civeo common stock for each share of Oil States common stock held by such shareholders as of the close of business on May 21, 2014. Civeo is now an independent, publicly traded company listed on the NYSE in which Oil States retains no continuing ownership interest.