TETRA Technologies, Inc. Announces Acquisition of a New Derrick Barge
THE WOODLANDS, Texas, July 29, 2011 /PRNewswire/ -- TETRA Technologies, Inc. (TETRA or the Company) (NYSE: TTI) today announced that it has acquired a newly built derrick barge with a 1,600 metric ton capacity, fully-revolving crane and accommodations for 300 personnel for an expected total investment of approximately $71 million, including the purchase price and inspection, transportation and outfitting costs. The barge, which is named the TETRA Hedron, was acquired from Wison (Nantong) Heavy Industries Co. Ltd. and Nantong Mee Lee Cheong Tongbao Shipbuilding Co. Ltd. The barge, which was originally contracted for by a Malaysian company, was recently completed under the supervision of TETRA personnel in Nantong, China. TETRA anticipates that the barge will undergo final outfitting and sea trials upon its arrival in the Gulf of Mexico and that it will be available for work in the fourth quarter of 2011.
Stuart M. Brightman, TETRA's President and Chief Executive Officer, stated, "This acquisition demonstrates our continued commitment to expanding our capabilities in the well abandonment and decommissioning markets. The TETRA Hedron will enhance our ability to remove larger structures and it will complement our existing heavy lift, diving, plug and abandonment, and cutting services. During the second quarter, we have hired and trained the majority of the key personnel needed to operate the Hedron. Initial feedback from our customers regarding our purchase of the Hedron has been very favorable, and we have a growing backlog of work waiting for the Hedron's anticipated fourth quarter debut in the Gulf of Mexico."
TETRA is a geographically diversified oil and gas services company focused on completion fluids and other products, production testing, wellhead compression, and selected offshore services including well plugging and abandonment, decommissioning, and diving.
Forward Looking Statements
This press release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "will," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning anticipated benefits from the acquisition of the derrick barge, including the timeline on which the barge is expected to be available for work and expected demand for the barge's services, expected results of operational business segments for 2011, projections concerning the Company's business activities in the Gulf of Mexico, including potential future benefits from increased regulatory oversight of well abandonment and decommissioning activities, financial guidance, estimated earnings, earnings per share, and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Certain Business Risks" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
SOURCE TETRA Technologies, Inc.