THE WOODLANDS, Texas, Feb. 10, 2014 /PRNewswire/ -- TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced that it has acquired the assets of WIT Water Transfer, LLC, d.b.a. TD Water Transfer (WIT).
WIT provides water management services with operational centers in Tilden and Carrizo Springs, TX, serving the Eagle Ford shale, and in Pecos, TX, serving the Permian Basin. Additionally, WIT has an operational center in Williston, ND, serving the Bakken shale. Established in 2011, WIT is a leading player in the South Texas water transfer business.
"TETRA's Water Management business is a critical growth platform for us, built upon our expertise in completion services, well flow back, and fluid treatment. This acquisition enhances our ability to meet the demanding specifications for hydraulic fracturing and unconventional well completions and immediately strengthens our service offering in the Eagle Ford and Bakken," commented Enrico J. Termine, Vice President of TETRA's Global Water Management product line.
"We are truly excited," said Robert Richie, Vice President of North America for TETRA's completion fluids and production testing businesses, "about adding WIT's leadership, operating personnel, and customer base to the TETRA water management business." TETRA will integrate its lay flat hose technology, rapid deployment system, and water transfer job engineering know-how into the acquired operations. "Not only will customers realize savings from rapid hose deployment, but they will also benefit from having the option to transfer fresh, flow back, or produced water through hose that is engineered to mitigate leaks and environmental mishaps," concluded Richie.
President and founder of WIT, Dean Talbot, stated, "We have partnered with TETRA, because they share the same set of values for providing outstanding customer service and quality products. I am pleased that our experienced management and operations teams will help to fuel continued growth of an established industry leader like TETRA."
In connection with this transaction, TETRA has entered into an agreement with Dragon Products that will allow TETRA to expand the range of its water impoundment services for its North American operations. This agreement will allow TETRA to offer Dragon Products systems in 12,000, 24,000 and 42,000 barrel configurations. "The combination of the Dragon Products system with our existing TETRA STEELWATERZ™ aboveground impoundment systems and our pit lining services will allow TETRA to meet the specific water management needs of our clients," commented Termine.
TETRA is a geographically diversified oil and gas services company focused on completion fluids and associated products and services, frac-water management, after-frac flow back, production well testing, offshore rig cooling, compression based production enhancement, 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," "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 expected results of operational business segments for 2014, anticipated benefits from the Company's acquisitions of assets and businesses, projections concerning the Company's business activities in the Gulf of Mexico, 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 "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, 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.