1121484--3/2/2006--OIL_STATES_INTERNATIONAL

related topics

{personnel, key, retain}

{gas, price, oil}

{customer, product, revenue}

{operation, international, foreign}

{product, liability, claim}

{regulation, change, law}

{cost, regulation, environmental}

{property, intellectual, protect}

{condition, economic, financial}

{product, market, service}

{tax, income, asset}

{provision, law, control}

{competitive, industry, competition}

{loss, insurance, financial}

Extended periods of low oil prices or unsuccessful exploration results may decrease deepwater exploration and production activity and adversely affect our business. Because the oil and gas industry is cyclical, our operating results may fluctuate. Disruptions in the political and economic conditions of the foreign countries in which we operate could adversely affect our business. We do business in international jurisdictions whose regulatory environments and compliance regimes differ from those in the United States. Our business may suffer because our efforts to comply with United States laws and regulations could restrict our ability to do business in international jurisdictions, relative to our competitors who are not subject to United States laws and regulations. We might be unable to employ a sufficient number of technical personnel. The level and pricing of tubular goods imported into the United States could decrease demand for our tubular goods inventory and adversely impact our results of operations. Also, if steel mills were to sell a substantial amount of goods directly to customers in the United States, our results of operations could be adversely impacted. We are subject to extensive and costly environmental laws and regulations that may require us to take actions that will adversely affect our results of operations. We may not have adequate insurance for potential liabilities. We are subject to litigation risks that may not be covered by insurance. We might be unable to compete successfully with other companies in our industry. Risks Related to Our Operations We are susceptible to seasonal earnings volatility due to adverse weather conditions in our regions of operations. We might be unable to protect our intellectual property rights. If we do not develop new competitive technologies and products, our business and revenues may be adversely affected. Loss of key members of our management could adversely affect our business. If we have to write off a significant amount of goodwill, our earnings will be negatively affected. If we were to lose a significant supplier of our tubular goods, we could be adversely affected. Provisions contained in our certificate of incorporation and bylaws could discourage a takeover attempt, which may reduce or eliminate the likelihood of a change of control transaction and, therefore, the ability of our stockholders to sell their shares for a premium.

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1121484--3/2/2006--OIL_STATES_INTERNATIONAL_INC