Oil States International expects revenue hit from Harvey

Oct. 19 (UPI) — Oil States International, an oilfield services company catering to deepwater production, said Thursday its revenues would be impacted by Hurricane Harvey.

The company set its revenue guidance for the third quarter at between $165 million and $185 million, but said Thursday that the impact from Harvey could push that lower to $164 million.

Oil States International has headquarters in Houston and operates five manufacturing facilities there with around 500 employees. The company said that, as of Thursday, one of those facilities was still out of service after heavy flooding. Work scheduled at that plant was transferred to another facility.

As much as five feet of rain were forecast for some of the areas in Harvey’s path last month. A report from Goldman Sachs found that flooding was the greatest threat to energy infrastructure in the region. Much of the regional refinery capacity was knocked out by the storm and Goldman added pipelines were also at risk.

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