Tetra Technologies 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, TSB Offshore, Epic Diving & Marine Services, and Maritech Resources. The buyers were Orinoco Natural Resources (Orinoco) and Epic Offshore Specialty.
Tetra said that with the completion of this divestiture and the recent acquisition of SwiftWater Energy Services, the company 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 Stuart Brightman – Tetra CEO. “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.”