Oil States International : OIS Investor Presentation May 2026

About this update from Oil States International, Inc.

Oil States Investor Presentation Offshore and International Growth, Cash Generation and Value Upside May 2026 ©2026 Oil States. All Rights Reserved. Oil States - Offshore and International Growth Drivers at a Discount Company Snapshot- Oil States International, Inc. NYSE/NYSE TX: OIS | Sector: Oil & Gas Equipment and Services HQ: Houston, TX Market Capitalization (as of May 18, 2026) (1) : ~$553 million Positioning: Technology-driven, cash-generative offshore and international growth story Investment Thesis Offshore and international growth accelerating with backlog near the highest level in a decade High-graded domestic business mix to more stable and cash-generative activities Attractive FCF yield Valuation discount relative to peers Key Catalysts Growing presence in Latin America, Middle East, West Africa Margin uplift with increasing offshore and international mix Technology-led differentiation Focus on stockholder returns via share repurchases Valuation Discount (as of May 18, 2026) EV/ 2026 Consensus EBITDA (1) : ~6.4x vs. Proxy peer average ~13.2x → ~52% discount Cash Generation Strength 2026 Bloomberg Consensus FCF Yield (FCF/Market Cap) (2) : 7.2% (vs. 2.2% Proxy Peer Average 2026 FCF Yield) Market capitalization, Enterprise Value ("EV") and 2026 consensus EBITDA metrics were retrieved from Bloomberg for the Company and our proxy peer group as of May 18, 2026. Free cash flow is defined as cash flow from operations less capex. FCF yields based on May 18, 2026, Bloomberg consensus data. Oil States - A Compelling Investment Opportunity Offshore and International Growth, Robust Free Cash Flow, and Value Upside Long-term Macro, Driving Demand: Global demand, regional supply disruption, driving offshore investment in lower-risk basins Strategically Transformed the Business Mix: Allocating capital to most profitable business lines Leading Market Positions, Strong Free Cash Flow: Higher margins with limited capex driving free cash flow Superb Balance Sheet, Unlocking Equity Value: Cash on hand exceeds debt and returning cash to stockholders* Attractive Valuation vs. Peers: Peer-leading free cash flow yield with attractive EV/EBITDA multiple *Note: Cash on hand exceeded debt by $4 million at March 31, 2026. Providing Technology-Focused, Energy Manufacturing and Services 1Q26 Revenue by Segment OFFSHORE MANUFACTURED PRODUCTS COMPLETION AND PRODUCTION SERVICES DOWNHOLE TECHNOLOGIES We design, manufacture and sell capital equipment utilized on floating production systems, subsea pipelines, offshore drilling rigs and vessels, offshore wind platforms, subsea mineral gathering riser systems, military, and industrial applications. We provide a broad range of equipment and services that are used to establish and maintain the flow of oil and natural gas from a well throughout its life cycle. We research, develop and manufacture highly engineered perforation systems and downhole tools primarily used in completion applications . Completion and Production Services 15% Offshore Manufactured Products 63% Downhole Technologies 22% 1Q26 Adjusted Segment EBITDA Completion and Production Services 24% Offshore Manufactured Products 72% Downhole T s echnologie 4% Note: 1Q26 Consolidated revenues and Adjusted EBITDA totaled $145 million and $17 million, respectively. See Appendix for non-GAAP Adjusted Segment EBITDA reconciliations. Strategically Transforming the Business Mix Increasing Offshore and International Focus The company has shifted its strategy to concentrate on offshore and international markets for growth and expansion. The complexity and technology required for offshore and international markets, means fewer competitors and highly differentiated offerings with strong market positions. Differentiated Domestic Land and Offshore Services Expanded high-margin, unique product lines tailored for domestic markets to maintain competitive advantage, while de-emphasizing more commoditized markets. Innovation and Realigned Business Model The transformation leverages advanced technologies and a restructured business model to capture growth in specialized market segments. Note: Please see our Form 10-K and 10-Q filings at https://www.oilstatesintl.com for a detailed breakdown of revenues by destination (U.S. Land vs. Offshore and International). Oil States Holds Leading Positions in Key Offshore and International Markets FlexJoint Connector Market Leadership FlexJoint Connector technology leads the market for offshore floating production facility projects, ensuring reliability and safety in deepwater operations. #1 in the market with estimated 80-85% global market share. (1) Growth through Recently Introduced MPD Systems Managed Pressure Drilling (MPD) Systems (for sale or rental) are quickly becoming the industry standard due to their efficiency and enhanced drilling control. Increasing replacement of competitor legacy systems. Providing incremental revenue streams. Strategic Partnerships Collaborations with leading EPC, subsea, and drilling contractors elevate offshore capabilities and expand market influence with advanced solutions. Note: (1) Market share is based on internal management estimates. Diversified Offshore Technology Portfolio Possesses Secular Growth Drivers and Emerging Growth Opportunities Deepwater Risers, Subsea Pipeline and Repair Equipment for Floating Production and Subsea Installations Managed Pressure Drilling (MPD) Systems (Sale and Rental) Advanced Casing/Conductor Connectors with Completion of New Manufacturing Facility in Batam, Indonesia Fixed Platform Foundations, Topside Cranes, and Critical Valves Offshore Services: Rental Packages, Offshore Repair Services Emerging Future Revenue Opportunities: Low Impact Workover Package (LIWP) for Intervention/Plug and Abandonment Riser Systems for Subsea Mineral Gathering FTLP Floating Wind Platforms Geothermal and Carbon Capture and Storage (CCS) Offshore Manufactured Products Segment Backlog Reaches Highest Level in a Decade A broad mix of products across multiple markets including Drilling, Completions, Production, Intervention, Plug and Abandonment, Transitional Energies as well as Military Products provides strong revenue and margin visibility Book to Bill Ratio: 1.2x TTM As of March 31, 2026 ©2026 Oil States. All Rights Reserved. 9 Current Backlog: S430 Million Near to Highest Backlog Since March 2015 (As of Mar. 31, 2026) Completion and Production Services: High-grading Rental and Service Lines Tempress HydroPull PCE (Wireline) and Flow Head Tempress Extended Reach Innovation Tempress Extended Reach Tools are recognized for their advanced technology and leadership in the onshore drilling sector and are widely recognized as holding the market-leading position in the market due to their superior reputation for reliability and performance. Offered on a rental basis, these tools create high-margin opportunities for Oil States. Offshore Production Services Completion and Production equipment and services provided offshore in the U.S. Gulf are much more specialized than U.S. land-based frac and isolation services, resulting in less competition and higher margins. International Services Expansion of frac and isolation rental equipment and services, particularly in the Middle East, across both conventional and unconventional basins leverages Oil States' global presence and is expanding the opportunity set. Downhole Perforating and Completions, Re-engineered Downhole Technologies Expanding international opportunities targeted to drive incremental revenues and gross margins, as headwinds with U.S. land activity levels remain. New customer acquisition and positive market feedback is driving market penetration with recent introduction of EPIC Precision and EPIC Flex Perforating Systems. EPIC Flex Perforating System EPIC Precision Perforating System Free Cash Flow and Balance Sheet, Unlocking Equity Value Healthy Cash Flows are Funding Organic Growth, Debt Reduction and Share Repurchases to Increase Returns to Stockholders "Asset-light" business requires relatively low levels of capex to support growth. Used $2 million of Cash Flow from Operations during 1Q26 (typical seasonality), largely to fund net working capital increases of $13 million. Free Cash Flow (1) expected to strengthen through the balance of the year with unwinding of working capital build as projects are executed . As of March 31, cash on-hand totaled $59 million with no borrowings outstanding under the revolving credit facility; remaining net cash positive. Entered into an amended and restated cash-flow based credit agreement in January 2026 providing for borrowings of up to: $75 million under a revolving credit facility and $50 million under a multi-draw term loan facility. Retired remaining $53 million principal amount of our convertible senior notes on April 1 with a combination of $25 million of cash on-hand, $25 million of borrowings under the revolving credit facility and the issuance of 529,000 shares of common stock. Notes: See appendix for (1) Non-GAAP Free Cash Flow Summary and (2) Total Net Debt / Total Capitalization, calculated net of cash. FINANCIAL METRICS as of March 31, 2026 $4 MILLION NET CASH $59 MILLION CASH POSITION (1%) TOTAL NET DEBT/ TOTAL CAPITALIZATION (2) STRONG FINANCIAL POSITION! ©2026 Oil States. All Rights Reserved. 12 Next Steps For more information, please visit our website at oilstatesintl.com where you will find more information about our business segments, latest technologies, financial reports and a copy of this presentation. To reach IR or to request a meeting, please contact: [email protected] ©2026 Oil States. All Rights Reserved. 13 Appendix Offshore-Focused Technology and Industry Multi-Award Winner Oil States continues to be recognized for industry-leading technology, now with 10 OTC Spotlight on New Technology awards within the last 6 years: 2025/2026 OTC Spotlight on New Technology Winners: TowerLok Wind Tower Connector, GeoLok®Geothermal Wellhead and MPD Drill Ahead Tool 2025 Hart E&P Meritorious Engineering Award in the Marine Construction and Decommissioning category: Low Impact Workover Package (LIWP) Winner Energy Workforce and Technology Council Safety Awards: Gold Award for HSE incident rate improvement 2023-2024, the Fail-Safe Technology Award in coordination with Seadrill for our collaborative MPD systems approach 2025 Gulf Energy Excellence Award Winner CCS/CCUS/Carbon Removal Project of the Year Project : Oil States CCS Netherlands Project Fall IDE (Integrated Design Engineering) Design Expo. Oil States' K. Wynn was selected as an industry judge for the competition Brazil awarded Petrobras Superliga Hands-Free SUB 2025 Championship. Second year in a row to win. Category-Safety Program Comprehensiveness ESG Policies and Priorities Environmental Social The Company's commitment to environmental matters is an integral part of our culture and business practices. It is our policy to promote the integrity and improvement of our processes and facilities so that they can be as protective of the environment as possible. We strive to maintain compliance with all environmental regulations, prevent unpermitted releases to the atmosphere, land and water to minimize impact to the environment wherever practicable through process improvements via available and emerging technologies. We actively evaluate our operations looking for ways to continuously improve our practices employed to reduce Company and customer environmental impacts. Governance Our Board of Directors and executive management team embrace their leadership responsibility and strive to exemplify the Company's values thereby instilling them in our workforce. Our operations are global and therefore demand a diverse workforce, which we believe provides us with a competitive advantage and allows us to better understand and communicate with our diverse set of constituents. Our strong focus on innovation necessitates an equally strong focus on technical skills and associated training programs, which we believe creates high performing teams that can arrive at better solutions to problems while advancing our employees' potential. Employee training, career development and retention practices are key to the Company's success. Oil States has corporate governance policies and guidelines that the Board of Directors believes are consistent with Oil States' values, and that are designed to promote the effective functioning of the Board, its committees and the Company. Our Board has three standing committees, Audit, Compensation, and Nominating, Governance and Sustainability, with each comprised solely of independent directors. o The Nominating, Governance and Sustainability Committee oversees sustainability on an ongoing basis and reviews environmental, health, safety and social matters on behalf of the Board of Directors who is updated regularly. Management's commitment, ethics training, and internal and third-party audits are an integral part of our comprehensive ethics program. All employees are required to complete annual ethics training. In addition, we provide ongoing presentations targeting key topics such as anti-bribery and anti-corruption to our employees. All directors, officers and employees of the Company are expected to act ethically at all times and in accordance with the Company's ethics policy entitled "Corporate Code of Business Conduct and Ethics". Summary Financial Position Market Capitalization (3) $ 553 Net Cash (as of March 31, 2026) (4) Enterprise Value $ 549 2026 Consensus EBITDA (3) $ 86 OIS EV/Consensus EBITDA 6.4x Proxy Peer Average EV/EBITDA (3) 13.2x OIS Discount to Proxy Peers 52% The outstanding principal of the 2026 Convertible Senior Notes was $52.7 million (repaid at maturity on April 1). Amount shown net of unamortized debt issuance costs. Total Net Debt / Total Capitalization is calculated net of cash. Market Capitalization, Proxy Peer Enterprise Value, and Consensus EBITDA numbers sourced from Bloomberg as of May 18, 2026. Non-GAAP Adjusted EBITDA Reconciliations Note: Subtotals and totals may not foot due to rounding. See definition of Adjusted EBITDA on a subsequent slide in the Appendix. Non-GAAP Free Cash Flow Summary, Net Debt to Adjusted EBITDA and Free Cash Flow Ratios Notes: Estimated Market Capitalization, Consensus Free Cash Flow and Consensus EBITDA based on May 18, 2026, Bloomberg data. Subtotals and totals may not foot due to rounding. The Company has included Net Debt and the ratio of Net Debt to Adjusted EBITDA as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company's indebtedness and its ability to service debt. Net Debt and the ratio of Net Debt to Adjusted EBITDA are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net loss or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Please see the slide on Non-GAAP Adjusted EBITDA Reconciliation for Adj. EBITDA detail. Non-GAAP Measures: Adjusted EBITDA Reconciliation The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, impairments of assets and facility consolidation/closure and other charges, less a gain on the sale of an idle property and losses (gains) on extinguishment of Convertible Notes. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted EBITDA as a supplemental disclosure because its management believes that Adjusted EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted EBITDA to net income (loss), which is the most directly comparable measure of financial performance calculated under GAAP. The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, impairments of assets and facility consolidation/closure and other charges, less a gain on the sale of an idle property and losses (gains) on extinguishment of Convertible Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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