THE WOODLANDS, Texas,
March 1, 2018 /PRNewswire/
-- TETRA Technologies, Inc. ("TETRA" or the "Company")
(NYSE:TTI) announced that it has completed its previously announced
acquisition of SwiftWater Energy Services, which becomes part of
TETRA's Fluids business division, effective immediately. This
acquisition expands and diversifies TETRA's employee base, products
and services, and market footprint.
Key members of the SwiftWater management team and employees have
agreed to remain and play a prominent role in the West Texas operations of TETRA and
SwiftWater.
With the completion of this acquisition, TETRA enhances its
position as one of the leading integrated completion fluids and
water management companies in the energy industry, and a one-stop
solution provider for water transfer, water storage and water
treatment services, along with proprietary automation technology
and numerous other water-related services.
"We are pleased to welcome SwiftWater's employees whose
experience, brand and culture is a natural complementary fit with
TETRA," said Stuart M. Brightman,
Chief Executive Officer of TETRA Technologies. "We look
forward to a smooth integration of SwiftWater's assets, operations
and people, and are excited to offer an expanded and diversified
portfolio of water management products and services to our
customers."
In accordance with NYSE requirements, the Company hereby
discloses that its Board of Directors has authorized, in connection
with the consummation of the acquisition of SwiftWater, the grant
to thirteen people of employment inducement awards of 420,992
shares of restricted stock, in the aggregate for such persons, such
grant to be effective on the closing of the acquisition on
February 28, 2018. Conditioned
upon each employee's continued employment with the Company, 100% of
the shares of the restricted stock will vest on the third
anniversary of the grant date of the award.
Company Overview
TETRA is a geographically diversified oil and gas services
company, focused on completion fluids and associated products and
services, comprehensive water management technology and solutions,
frac flowback, production well testing, offshore rig cooling, and
compression services and equipment. TETRA owns an equity
interest, including all of the general partner interest, in CSI
Compressco LP (NASDAQ:CCLP), a master limited partnership.
Forward-Looking Statements
This news 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 TETRA Technologies, Inc. ("the Company") intends to
be included within the safe harbor protections provided by the
federal securities laws. These forward-looking statements include
statements concerning the anticipated recovery of the oil and gas
industry, expected results of operational business segments,
anticipated benefits from the acquisition of SwiftWater Energy
Services, LLC ("SES"), projections concerning the Company's
business activities and the expected impact of the acquisition of
SES, 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, including the ability of the Company to successfully
integrate the operations of SES, and recognize the anticipated
benefits of the acquisition. 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, 2016, 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.
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SOURCE TETRA Technologies, Inc.