Tetra Technologies sells offshore decommissioning services and Maritech businesses

U.S. oil and gas services company Tetra Technologies has completed the divestiture of its offshore decommissioning services and Maritech businesses. 

This includes Tetra’s offshore heavy lift, plugging and abandonment, decommissioning, cutting, diving and related consulting services businesses and its Maritech operations and offshore leases.

It 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 and Epic Offshore Specialty, LLC.

According to the company’s statement on Thursday, 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 an integrated completion fluids and water management company 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.

Stuart M. Brightman, Tetra Technologies CEO, said: “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.”

“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.”