Oil States International, Inc.

Good morning and welcome to the Oil States International Inc.' 's first quarter 2021 earnings conference. My name is Brandon and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session during which you may dial star 1 if you have a question. I will now turn the call over to Ellen Pennington. Ellen, you may begin.

Thanks, Brandon. Good morning and welcome to Oil States first quarter 2021 earnings conference call. Our call today will be led by our President and CEO, Cindy Taylor, and Lloyd Hodgick, Oil State's Executive Vice President and Chief Financial Officer. Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain information other than historical information, please note that we are relying on the safe harbor protections afforded by federal law. No one should assume that these forward-looking statements remain valid later in the quarter or beyond. Any such remarks should be weighed in the context of the many factors that affect our business, including those risks disclosed in our Form 10-K, along with other SEC filings. This call is being webcast and can be accessed at Oil State's website. A replay of the conference call will be available one and a half hours after the completion of this call and will be available for one month. I will now turn the call over to Cindy. Thank you, Ellen.

Good morning to each of you, and thank you for joining us today to participate in our first quarter 2021 earnings conference call. First quarter operating results in each of our segments benefited from increased U.S. land-based completion activity resulting from the improved commodity price environment. The impact of higher activity levels was partially offset by the severe winter weather event that occurred in February, particularly affecting operations in Texas, Oklahoma, and surrounding states, coupled with continuing impacts from the COVID-19 pandemic. While our facilities did not sustain meaningful damage and our operations and services were restored, Following the weather event, our February results of operations were adversely impacted due to the temporary cessation of work at well sites, facility closures by us and our customers, and delays in the shipment of goods to our customers as well as delayed receipts from our vendors. Revenues in our downhole technologies and well site services segment increased 10% and 2% sequentially despite the severe winter weather conditions experienced due to a strong activity recovery in March. Revenues in our offshore manufactured product segment decreased 20% sequentially, but we did achieve a 122 basis point increase in adjusted EBITDA margins, resulting from cost reductions. Our first quarter bookings improved sequentially to total $70 million in which included one notable project award exceeding $10 million, yielding a book-to-bill ratio of 1.2 times for the quarter. Of the $70 million in bookings, 17% related to non-oil and gas projects. We strengthened our long-term liquidity position during the quarter by entering into a new $125 million asset-based revolving credit facility That matures in 2025, issuing 135 million of convertible notes due in 2026 and purchasing 125 million principal amount of our existing convertible notes, which come due in 2023. Each of our operating segments reported positive EBITDA for a second consecutive quarter. adjusted EBITDA with $6 million, excluding $3 million of severance and restructuring charges. Lloyd will now review our consolidated results of operations and financial position in more detail before I go into a discussion of each of our segments.