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Gold/Mining/Energy : OIS, OIL States International -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (1)	11/1/2005 6:48:50 PM
From: Dennis Roth	Read Replies (1) \| Respond to of 13

Oil States Int'l (IL/A): Executing growth plan well - Goldman Sachs - November 01, 2005 OIS 3Q2005 results reflect solid execution of mgt's aggressive growth efforts in Canadian accommodations, restructuring of Offshore Products cost structure, acquisition + newbuild growth initiatives in wellsite services + a strong cyclical backdrop in Tubular Svs. Reported EPS of $0.60 included $0.02-0.04 of US Gulf hurricane impact vs our estimate of $0.64 ex- hurricane + consensus of $0.56. We are lowering our 2005 EPS estimate to $2.26 from $2.31 for lower reported 3Q + lingering hurricane impact in 4Q. We are raising our 2006 EPS estimate to $2.70 from $2.65 given our higher E&P spending forecast (+20% vs +15%), though rig attrition from US Gulf hurricanes have prompted a more conservative view of Tubular Svs. Our fair value estimate of $42 (8x 2006E EBITDA) implies 26% upside potential. We retain our IL/A rating. Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling; Jerry Revich.