EXHIBIT 99.1

Oil States Announces Second Quarter Earnings and Record Offshore Products Backlog

HOUSTON, July 31, 2012 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) reported net income for the quarter ended June 30, 2012 of $111.2 million, or $2.01 per diluted share. These results compare to net income of $74.2 million, or $1.34 per diluted share, in the second quarter of 2011.

The Company generated revenues of $1.1 billion and EBITDA of $227.8 million during the second quarter of 2012, compared to revenues of $820.3 million and EBITDA of $160.7 million in the second quarter of 2011 (EBITDA^(A) is defined as net income plus interest, taxes, depreciation and amortization). The 33% year-over-year increase in revenues and 42% year-over-year increase in EBITDA resulted from organic growth initiatives in the accommodations and well site services segments, increased sales of deepwater capital equipment, higher U.S. land drilling and completion activity and a resurgence in exploration and production in the U.S. Gulf of Mexico. Consolidated operating income totaled $169.3 million in the current quarter, up from $115.2 million in the second quarter of 2011. Second quarter 2012 results included a pre-tax gain of $2.5 million, or $0.03 per diluted share after-tax, related to insurance proceeds received during the quarter in excess of net book value for a land drilling rig that was lost in a fire that occurred in the first quarter of 2012.

Cindy B. Taylor, Oil States' President and Chief Executive Officer stated, "All of our business segments achieved growth on a year-over-year basis. Compared with the same quarter in 2011, we benefitted from organic room count expansions in all of our major accommodations markets, increased sales of deepwater capital equipment, and the increase in U.S. drilling and completion activity, both onshore and offshore."

"We reported higher RevPAR levels in accommodations in the second quarter of 2012 due to continued nearly full occupancy levels at our Canadian lodges and Australian villages. Margins expanded in our offshore products segment and backlog reached a new record totaling $562 million at June 30, 2012. Bidding and quoting activity remains robust in our offshore products segment, particularly for subsea pipeline and floating production facility products. Our well site services segment performed well during the second quarter despite regional volatility created by the softening of certain commodity prices. In our OCTG segment, demand from customers was very strong as shipments increased 33% year-over-year due to market share gains, increased offshore drilling activity and the use of higher specification tubulars in shale basins across the United States."

The Company recognized an effective tax rate of 28.6% in the second quarter of 2012 compared with 27.9% in the second quarter of 2011. The modestly higher effective tax rate in the second quarter of 2012 was primarily due to higher domestic earnings as a percentage of total earnings. 

The Company invested $98.6 million in capital expenditures during the second quarter of 2012 primarily related to the ongoing expansion of its accommodations business, the addition of rental equipment deployed to service the active U.S. shale plays and facility and equipment investments in its offshore products segment. The Company currently expects to spend approximately $600 million to $700 million in capital expenditures during 2012.

For the first half of 2012, the Company reported revenues of $2.2 billion, EBITDA of $484.4 million and net income of $246.3 million, or $4.45 per diluted share. The year-to-date results for 2012 included a pre-tax benefit of $17.9 million, or $0.23 per diluted share after-tax, related to a favorable contract settlement in its U.S. accommodations business recognized in the first quarter of 2012 and a pre-tax gain of $2.5 million, or $0.03 per diluted share after-tax, related to insurance proceeds received during the second quarter for the land drilling rig that was lost in a fire. For the first half of 2011, the Company reported revenues of $1.6 billion, EBITDA of $300.5 million and $136.3 million of net income, or $2.48 per diluted share.

BUSINESS SEGMENT RESULTS

(Unless otherwise noted, the following discussion compares the quarterly results from the second quarter of 2012 to the results from the second quarter of 2011.)

Accommodations

Accommodations generated revenues of $261.0 million and EBITDA of $114.9 million for the second quarter of 2012 compared to revenues and EBITDA of $202.9 million and $83.9 million in the second quarter of 2011. Revenues increased 29% and EBITDA increased 37% year-over-year due to a 29% year-over-year increase in average available rooms and a 10% year-over-year increase in RevPAR related to higher occupancy levels at the Company's major lodges and villages. EBITDA margins increased to 44% in the second quarter of 2012 compared to 41% in the second quarter of 2011 primarily due to improved year-over-year RevPAR.

Well Site Services

Well site services generated revenues of $176.5 million and EBITDA of $58.5 million in the second quarter of 2012 compared to revenues and EBITDA of $153.7 million and $46.7 million, respectively, in the second quarter of 2011. Revenues increased 15% and EBITDA increased 25% year-over-year primarily due to the increase in U.S. drilling and completion activity and improved cost absorption, leading to expanded margins for both the rental tools and drilling businesses. EBITDA margins for the segment increased to 33% in the second quarter of 2012 compared to 30% in the second quarter of 2011 primarily due to increased activity levels and improved cost absorption. Our rental tools business benefited from increased U.S. completion activity and greater service intensity in the active oil and liquids-rich shale basins. The number of service tickets and revenue per ticket increased 6% and 5% year-over-year, respectively, as the industry favored our higher specification equipment, predominantly in the Bakken, Eagle Ford, and Permian Basin regions, partially offset by lower activity in the Barnett and Haynesville regions resulting from significantly lower natural gas prices.

Offshore Products

Offshore products generated revenues and EBITDA of $191.6 million and $41.0 million in the second quarter of 2012 compared to revenues and EBITDA of $131.7 million and $21.9 million in the second quarter of 2011. Revenues and EBITDA increased 45% and 87% year-over-year, respectively, primarily due to higher levels of manufacturing and service activity along with an improved revenue mix favoring our production equipment and connector products.  EBITDA margins increased to 21% in the second quarter of 2012 compared to 17% in the second quarter of 2011 primarily due to improved revenue mix of higher margin production equipment and connector sales coupled with improved cost absorption. Backlog reached an all-time record level, totaling $562 million at June 30, 2012 compared to $529 million reported at March 31, 2012 and $519 million reported at June 30, 2011. Subsequent to the end of the quarter, the Company completed the acquisition of Piper Valve Systems for $48 million, further leveraging its technology, product offerings and subsea capabilities.

Tubular Services

Tubular services generated revenues of $461.9 million and EBITDA of $25.0 million during the second quarter of 2012 compared to revenues and EBITDA of $332.0 million and $17.6 million, respectively, in the second quarter of 2011. Revenues and EBITDA improved 39% and 42% year-over-year, respectively, primarily due to the 33% year-over-year increase in OCTG shipments, which surpassed the 8% year-over-year increase in the U.S. rig count. The increase in shipments was attributable to market share gains in the U.S., a recovery in demand in the U.S. Gulf of Mexico and greater demand for higher specification tubulars in shale basins across the United States.  Gross margin as a percent of revenues remained at high levels in the second quarter of 2012 with 6.3% compared to 6.5% reported in the second quarter of 2011. The Company exited the quarter with $476.6 million of OCTG inventories at June 30, 2012, up $3.5 million from March 31, 2012.

Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of products for deepwater production facilities and subsea pipelines as well as a provider of completion-related rental tools, oil country tubular goods distribution and land drilling services to the oil and gas industry. Oil States is publicly traded on the New York Stock Exchange under the symbol OIS.

The Oil States International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6058

For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com.

The foregoing contains forward-looking statements within the meaning 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 therein are based on then 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 other things, risks associated with the general nature of the oilfield service industry and other factors discussed in the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2011 filed by Oil States with the SEC on February 17, 2012 and the "Risk Factors" section of the form 10-Q for the three months ended March 31, 2012 filed by Oil States with the SEC on April 30, 2012.

CONTACT: Bradley J. Dodson
         Oil States International, Inc.
         713-652-0582