THE WOODLANDS, Texas,
March 1, 2018 /PRNewswire/ -- TETRA
Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) announced
that it has completed the divestiture of its offshore heavy lift,
plugging and abandonment, decommissioning, cutting, diving and
related consulting services businesses and its Maritech operations
and offshore leases. This divestiture included the sales of
its subsidiaries involved in these businesses – TETRA Applied
Technologies, LLC, TSB Offshore, Inc., Epic Diving & Marine
Services, LLC, and Maritech Resources, Inc. The buyers were
Orinoco Natural Resources, LLC ("Orinoco") and Epic Offshore
Specialty, LLC.
With the completion of this divestiture and the recent
acquisition of SwiftWater Energy Services, TETRA continues to
progress its long-term growth plans and enhance its position as one
of the leading integrated completion fluids and water management
companies in the energy industry, better positioned to exploit its
competitive advantages in the U.S. shale plays, the international
and offshore fluids markets, and in meeting the compression needs
of the energy industry.
"This divestiture is consistent with our long-term strategy and
represents a transformational milestone in simplifying our value
proposition and optimizing our portfolio to unlock value for TETRA
shareholders," said Mr. Brightman. "TETRA will continue to
focus on increasing its profitability in fluids, production testing
and compression to support the company's growth and capabilities in
technology-enabled services for our customers, domestically and
internationally."
Company Overview
TETRA Technologies, Inc.
(www.tetratec.com) is a geographically diversified oil and gas
services company, focused on completion fluids and associated
products and services, comprehensive water management 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) (www.csicompressco.com), a master
limited partnership.
Investor Note
More detailed information about
this transaction can be found in TETRA's SEC Form 8-K, filed
March 2, 2018, which is available in
the SEC Filing & Financial Information section of the company's
Investor Relations website http://ir.tetratec.com/SEC-Filings .
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 divestiture of the offshore
decommissioning services businesses and Maritech, and the
acquisition of SwiftWater Energy Services, LLC ("SES"), projections
concerning the Company's business activities and the expected
impact of the divestitures and 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 recognize the anticipated benefits of the
divestiture, 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.