Slides
Page 1
OIL STATES OIL STATES © 2026 Oil States . All Rights Reserved . OIL STATES Oil States Investor Presentation Offshore and International Growth , Cash Generation and Value Upside August 2026 MOIL STATES
Page 2
©2026 Oil States. All Rights Reserved. Forward-Looking Statements The following contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of geopolitical conflicts and tensions, changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries (“OPEC”) and other producing nations (together with OPEC, “OPEC+”) with respect to crude oil production levels and pricing, supply chain disruptions, including as a result of natural disasters, industrial accidents, additional trade restrictions or the adoption of or increase in tariffs, or the threat thereof, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K, as amended by its Annual Report on Form 10-K/A, for the year ended December 31, 2025, and on subsequently filed periodic reports on Form 8-K and Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. While the events and information discussed in this report may be significant, any significance should not be read as necessarily rising to the level of materiality of the disclosures required under the U.S. federal securities laws. 2
Page 3
©2026 Oil States. All Rights Reserved. COMPLETION AND PRODUCTION SERVICES 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. OFFSHORE MANUFACTURED PRODUCTS 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. DOWNHOLE TECHNOLOGIES We research, develop and manufacture highly engineered perforation systems and downhole tools primarily used in completion applications. 10 Providing Technology-Focused, Energy Manufacturing and Services Note: 1H26 Consolidated revenues and Adjusted EBITDA totaled $302 million and $36 million, respectively. See Appendix for non-GAAP Adjusted Segment EBITDA reconciliations. 3 1H26 Revenue by Segment 1H26 Adjusted Segment EBITDA
Page 4
©2026 Oil States. All Rights Reserved. Oil States – Offshore and International Growth Drivers at a Discount 4 Company Snapshot- Oil States International, Inc. • NYSE/NYSE TX: OIS | Sector: Oil & Gas Equipment and Services HQ: Houston, TX • Market Capitalization (as of Aug 4, 2026)(1) : ~$507 million • Business Segments: (1) Offshore Manufactured Products, (2) Completion and Production Services, (3) Downhole Technologies • 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 Aug. 4, 2026) • EV/ 2026 Consensus EBITDA(1): ~6.3x vs. Proxy peer average ~8.8x → ~28% discount Cash Generation Strength • 2026 Bloomberg Consensus FCF Yield (FCF/Market Cap)(2): 7.3% (vs. 0.6% Proxy Peer Average 2026 FCF Yield)(3) (1) Market capitalization, Enterprise Value (“EV”) and 2026 consensus EBITDA metrics were retrieved from Bloomberg for the Co mpany and our proxy peer group as of August 4, 2026. (2) Proxy peer group includes: CLB, FET, HLX, HTG, INVX, PUMP, RES, SEI, TTI, WHD, WTTR, XPRO. Proxy peer SMHI has been exclu ded from the average based on high trading multiple and negative free cash flow. (3) Free cash flow is defined as cash flow from operations less capex. FCF yields based on August 4, 2026, Bloomberg consensu s data.
Page 5
©2026 Oil States. All Rights Reserved. Oil States - A Compelling Investment Opportunity 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* Offshore and International Growth, Robust Free Cash Flow, and Value Upside 5 Attractive Valuation vs. Peers: Attractive EV/EBITDA multiple relative to equipment and product manufacturing peers *Note: Cash on hand exceeded debt by $1 million on June 30, 2026.
Page 6
©2026 Oil States. All Rights Reserved. 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. 6 Note: Please see our Form 10-K and 10-Q filings at www.oilstatesintl.com for a detailed breakdown of revenues by destination (U.S. Land vs. Offshore and International).
Page 7
©2026 Oil States. All Rights Reserved. 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. 7 Note: (1) Market share is based on internal management estimates.
Page 8
©2026 Oil States. All Rights Reserved. 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: o Low Impact Workover Package (LIWP) for Intervention/Plug and Abandonment o Riser Systems for Subsea Mineral Gathering o FTLP Floating Wind Platforms o Geothermal and Carbon Capture and Storage (CCS) 8
Page 9
©2026 Oil States. All Rights Reserved. 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 Current Backlog: (As of June 30, 2026) $451 Million Near to Highest Backlog Since March 2015 Book to Bill Ratio: 1.1x YTD As of June 30, 2026 9
Page 10
©2026 Oil States. All Rights Reserved. Completion and Production Services: High-grading Rental and Service Lines 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 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. 10 Tempress HydroPull 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. PCE (Wireline) and Flow Head
Page 11
©2026 Oil States. All Rights Reserved. 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 11 EPIC Precision Perforating System Downhole Perforating and Completions, Re-engineered
Page 12
©2026 Oil States. All Rights Reserved. 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 12 FINANCIALMETRICS as of June 30, 2026 STRONG FINANCIAL POSITION! $1 MILLION NET CASH $20 MILLION CASH POSITION Notes: See appendix for (1) Non-GAAP Free Cash Flow Summary and (2) Total Net Debt / Total Capitalization, calculated net of cash. • “Asset-light” business requires relatively low levels of capex to support growth. • Used $7 million of cash flow from operations during 1H26 largely to fund investments in inventory of $27 million primarily associated with the execution of backlog. • Free Cash Flow(1) is expected to strengthen in 2H26 as working capital build unwinds with project execution. • Repurchased $5 million of the Company’s common stock in 1H26 • 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 up to $50 million under a delayed draw term loan. • Retired the 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 ~529K shares of common stock.
Page 13
©2026 Oil States. All Rights Reserved. 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: ir@oilstates.com 13
Page 14
©2026 Oil States. All Rights Reserved. Appendix
Page 15
©2026 Oil States. All Rights Reserved. Offshore-Focused Technology and Industry Multi-Award Winner • 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 o 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 Oil States continues to be recognized for industry-leading technology, now with 10 OTC Spotlight on New Technology awards within the last 6 years: 15
Page 16
©2026 Oil States. All Rights Reserved. ESG Policies and Priorities • 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. • 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”. Environmental • Social • Governance Social Governance 16
Page 17
©2026 Oil States. All Rights Reserved. Summary Financial Position 17 (1) 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. (2) Total Net Debt / Total Capitalization is calculated net of cash. (3) Market Capitalization, Proxy Peer Enterprise Value, and Consensus EBITDA numbers sourced from Bloomberg as of August 4, 2026. (4) Proxy peer group includes: CLB, FET, HLX, HTG, INVX, PUMP, RES, SEI, TTI, WHD, WTTR, XPRO. Proxy peer SMHI has been excluded from the average based on high trading multiple and negative free cash flow. (USD in millions, except percentages) June 30, 2026 (unaudited) Metric Value Cash $ 20 Market Capitalization(3) $ 507 Net Working Capital (excludes cash, current operating lease liabilities and current portion of long-term debt) 235 Net Cash (as of June 30, 2026) 1 Current Portion of Long-Term Debt(1) 1 Enterprise Value $ 506 Other Debt 17 2026 Consensus EBITDA(3) $ 80 Total Debt 18 OIS EV/Consensus EBITDA 6.3x Stockholders' Equity 581 Proxy Peer Average EV/EBITDA(3) 8.8x Total Capitalization $ 599 OIS Discount to Proxy Peers 28%
Page 18
©2026 Oil States. All Rights Reserved. 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. 18 (USD in millions) FYE December 31, Six Months 2022 2023 2024 2025 June 30, 2026 Offshore Manufactured Products Operating Income 36$ 56$ 65$ 69$ 28$ Other Income (Expenses) 1 0 0 0 - Depreciation and Amortization Expense 18 16 15 15 8 Facility Consolidation/Closure and Other Charges - 2 3 2 - Adjusted Segment EBITDA 54$ 75$ 84$ 86$ 36$ Completion and Production Services Operating Income (Loss) 5$ 14$ (23)$ 4$ 7$ Other Income 3 0 1 1 - Depreciation and Amortization Expense 29 25 22 17 5 Impairment of Intangible Assets - - 11 - - Impairments of Operating Lease Assets - - 3 1 - Facility Consolidation/Closure and Other Charges - 1 10 9 0 Adjusted Segment EBITDA 37$ 40$ 24$ 32$ 13$ Downhole Technologies Operating Income (Loss) 3$ (6)$ (21)$ (124)$ 2$ Depreciation and Amortization Expense 20 18 17 15 3 Impairments of Goodwill - - 10 - - Impairments of Intangible Assets - - - 80 - Impairments of Fixed and Lease Assets - - 0 12 - Impairment of Inventory - - - 21 - Facility Consolidation/Closure and Other Charges - - 0 0 - Adjusted Segment EBITDA 23$ 13$ 7$ 4$ 5$ Corporate Operating Loss (41)$ (41)$ (23)$ (47)$ (22)$ Other Income (Expense) (0) - 1 0 (3) Depreciation and Amortization Expense 1 1 1 0 0 Impairments of Assets Held for Sale - - - 7 1 Gains on Extinguishment of Debt (0) - (1) (0) 4 Facility Consolidation and Other Charges - - (15) 0 4 Gain on Disposal of Facility Held for Sale (4) Executive Transition Costs 2 Adjusted Segment EBITDA (40)$ (40)$ (38)$ (39)$ (18)$ Oil States International, Inc. Net Income (Loss) (10)$ 13$ (11)$ (109)$ 7$ Income Tax Provision 5 3 3 7 4 Net Interest Expense 10 8 8 6 2 Depreciation and Amortization Expense 67 61 55 47 16 Impairments of Goodwill - - 10 - - Impairment of Intangible Assets - - 11 80 - Impairments of fixed and lease assets - - 4 13 - Impairments of assets held for sale 7 1 Impairment of inventories - - - 21 - Losses on Extinguishment of Debt (0) - (1) (0) 4 Facility Consolidation and Other Charges - 3 (2) 12 4 Adjusted EBITDA 74$ 88$ 77$ 83$ 36$
Page 19
©2026 Oil States. All Rights Reserved. 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 August 4, 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. 19 Estimated Market Cap. as of Aug. 4, 2026 507$ Free Cash Flow Yield 7.3% (2026 Consensus FCF / Market Cap as of Aug. 4, 2026) FCF Conversion Ratio 46% (2026 Consensus FCF / 2026 Consensus EBITDA)
Page 20
©2026 Oil States. All Rights Reserved. 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, losses (gains) on extinguishment of Convertible Notes and executive transition costs, less gain on disposal of facility held for sale. 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, losses (gains) on extinguishment of Convertible Notes and executive transition costs, less gain on disposal of facility held for sale. 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. 20