Oil States Int'l lands $460M lodging contract

AP News
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Posted: Dec 15, 2009 4:32 PM

Oil field services company Oil States International Inc. said Tuesday that its subsidiary has received a contract worth $460 million from Imperial Oil Ltd. to provide lodging for workers during its development of the Kearl oil sands project.

Under the three-year contract, PTI Group Inc. will expand its Wapasu Creek Lodge near Fort McMurray, Alberta. The expansion will provide accommodations for up to 4,500 Imperial employees and contractors during the initial Kearl construction efforts.

The contract begins April 1 and extends through March 31, 2013. Kearl oil sands is a mining and extraction project located in Northeast Alberta.

Shares of Oil States rose 77 cents, or 2 percent, to close at $37.17.