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Oil States (OIS) Wins Contract for Proprietary Deepsea System

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Oil States International (OIS - Free Report) , a prominent player in energy, marine, and military solutions, announced that it has won a significant contract for the proprietary Merlin Deepsea Mineral Riser system.

Building on the success of the company’s patented Merlin Connector, this advanced system is designed for efficient deployment in water depths of up to 6,000 meters. It will be primarily used to extract crucial seabed minerals like cobalt, manganese, nickel and rare earth elements, which are a vital cog in batteries for electric vehicles, solar panels, wind turbines, computers and smartphones.

The contract calls for the development and production of a deepwater riser system tailored specifically for gathering seabed mineral formations from the vast and remote Pacific Ocean.

Oil States management hailed the contract win as a testament to its expertise and cutting-edge technologies that enable the transition toward a lower-carbon multi-source energy mix to meet increasing global energy usage. Through its core expertise in oil and gas, OIS is actively contributing to the development of alternative energy sources while ensuring long-term growth.

In particular, this Houston, TX-based company is famed for its four-decade-long experience in designing and manufacturing advanced connection systems for deepwater offshore applications. The Merlin Deepsea Mineral Riser contract further solidifies Oil States' standing in the field.

About Oil States International

Oil States International is a technology-focused manufacturing and energy services company, producing highly engineered capital equipment and consumable products. OIS operates in various active offshore, international and U.S. shale basins.

Zacks Rank & Key Picks

Oil States International carries a Zacks Rank #5 (Strong Sell) at present. Meanwhile, investors interested in the energy sector might consider the operators mentioned below. These companies currently sport a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Solaris Oilfield Infrastructure (SOI - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters at an average of 18.8%.

SOI is valued at around $477.3 million. Solaris Oilfield Infrastructure has seen its shares edge up 0.7% in a year.

CVR Energy (CVI - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, CVR Energy saw the Zacks Consensus Estimate for 2023 move up 32.8%.

CVR Energy is valued at around $3.5 billion. CVI has seen its shares gain 21.3% in a year.

Helix Energy Solutions Group (HLX - Free Report) : Over the past 60 days, Helix Energy Solutions Group saw the Zacks Consensus Estimate for 2023 earnings move up 4.3%, indicating 200% year-over-year growth.

Helix Energy Solutions is valued at around $1.6 billion. HLX has seen its shares surge 139.5% in a year.

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