Highlights

  • Third-quarter 2026 Revenue rose 8% sequentially and 3% year on year to US$169.8 million.
  • Offshore Manufactured Products Backlog reached US$482 million at 30 September 2026, the highest level since December 2014.
  • Net income was US$3.1 million, or US$0.05 per diluted share, after US$5.5 million of charges.
  • The board approved a new US$50 million share repurchase program on 29 October 2026, running through October 2028.

A swelling order book in its offshore equipment Business stood at the center of the third-quarter update from Oil States International, Inc. (NYSE:OIS). The energy equipment and services provider reported on 30 October 2026 that backlog in its Offshore Manufactured Products segment had climbed to US$482 million, up 7% from the previous quarter and the highest since December 2014.

The company paired those results with a fresh US$50 million share repurchase authorization, approved by its board a day earlier.

Revenue Growth Led by Offshore and Downhole Units

Consolidated revenue for Q3 2026 was US$169.8 million, up 8% from Q2 2026 and 3% from Q3 2025. Revenue for the nine months to 30 September 2026 totaled US$471.8 million. Chief Executive Lloyd Hajdik said the results exceeded the guidance the company issued in July.

Offshore Manufactured Products generated revenue of US$104.4 million, up 13% sequentially, with adjusted segment EBITDA of US$18.8 million, an 18% margin. Bookings rose 18% to US$135 million, for a book-to-bill ratio of 1.3x in the quarter and 1.2x year to date.

Downhole Technologies revenue grew 45% year on year to US$42.2 million, although its adjusted segment EBITDA Margin eased to 8% from 11%. Completion and Production Services revenue declined 16% from a year earlier to US$23.2 million, while that segment delivered a 26% adjusted EBITDA margin.

Earnings Absorb Leadership Transition Costs

Operating income was US$6.3 million, compared with US$11.7 million in the second quarter. The quarter carried US$5.5 million of charges, mainly related to the retirement of the former chief executive and Facility exit costs, including US$3.3 million of executive transition costs.

GAAP Net Income was US$3.1 million, or US$0.05 per diluted share, against US$1.9 million, or US$0.03 per share, a year earlier. Adjusted net income was US$8.5 million, or US$0.15 per share, and adjusted EBITDA was US$20.1 million. Cash Flow turned positive, with US$5.3 million from operations and free cash flow of US$7.1 million, helped by about US$5.1 million of asset sale proceeds. For the first nine months of 2026, net income totaled US$10.1 million, or US$0.17 per share, and adjusted EBITDA reached US$55.8 million.

Capital Returns and Offshore Cycle in Focus

Oil States repurchased US$4.0 million of its stock during the quarter. Its previous program expired on 24 October 2026, and the new US$50 million authorization runs through October 2028. The company ended September with US$22.9 million of cash, about US$20.0 million of total Debt and US$58.0 million of available liquidity. Undrawn term loan commitments of US$30 million expired in July 2026.

The release did not include numeric guidance for coming periods. Management expects the company to benefit from what it described as a multi-year offshore and international Investment cycle, and named backlog growth, profitable growth, cash generation and Shareholder returns as its priorities.