Marubeni-Itochu Steel (MISI) has reached an agreement with Oil States International (OIS) for the acquisition of 100% share of Sooner, a subsidiary of OIS, by Marubeni-Itochu Tubulars America, a subsidiary of MISI, for approx. USD 600M.
Sooner, headquartered in Houston, Texas, is the largest OCTG distributor in the US, and provides a wide range of services for OCTG supply to the various customers in oil and gas industry, including multinational majors and independent producers, through six sales offices and five main logistic supply bases in the US.
The US is the largest OCTG market, which has 5.5 million tons of OCTG demand, approx. 40% of the global consumption, 14 million tons. Through the acquisition of Sooner, which has the largest customer base, strong mill sources and service network in the US, MISI will expand OCTG business in the US, largely contributed by shale oil/gas development, and further enhance its capability as a Total Tubular Management (TTM) service provider.
