USA: TETRA Acquires Newly Built Derrick Barge TETRA Hedron

TETRA Technologies, Inc. (TETRA or the Company) 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.

Source: tetratec, August 1, 2011; Image: Seatruck

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