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TETRA Technologies, Inc. Announces Acquisition Of WIT Water Transfer, LLC And Agreement With Dragon Products

Stocks in this article: TTI

THE WOODLANDS, Texas, Feb. 10, 2014 /PRNewswire/ -- TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced that it has acquired the assets of WIT Water Transfer, LLC, d.b.a. TD Water Transfer (WIT).

WIT provides water management services with operational centers in Tilden and Carrizo Springs, TX, serving the Eagle Ford shale, and in Pecos, TX, serving the Permian Basin. Additionally, WIT has an operational center in Williston, ND, serving the Bakken shale. Established in 2011, WIT is a leading player in the South Texas water transfer business.

"TETRA's Water Management business is a critical growth platform for us, built upon our expertise in completion services, well flow back, and fluid treatment. This acquisition enhances our ability to meet the demanding specifications for hydraulic fracturing and unconventional well completions and immediately strengthens our service offering in the Eagle Ford and Bakken," commented Enrico J. Termine, Vice President of TETRA's Global Water Management product line. 

"We are truly excited," said Robert Richie, Vice President of North America for TETRA's completion fluids and production testing businesses, "about adding WIT's leadership, operating personnel, and customer base to the TETRA water management business." TETRA will integrate its lay flat hose technology, rapid deployment system, and water transfer job engineering know-how into the acquired operations. "Not only will customers realize savings from rapid hose deployment, but they will also benefit from having the option to transfer fresh, flow back, or produced water through hose that is engineered to mitigate leaks and environmental mishaps," concluded Richie. 

President and founder of WIT, Dean Talbot, stated, "We have partnered with TETRA, because they share the same set of values for providing outstanding customer service and quality products. I am pleased that our experienced management and operations teams will help to fuel continued growth of an established industry leader like TETRA."

In connection with this transaction, TETRA has entered into an agreement with Dragon Products that will allow TETRA to expand the range of its water impoundment services for its North American operations. This agreement will allow TETRA to offer Dragon Products systems in 12,000, 24,000 and 42,000 barrel configurations. "The combination of the Dragon Products system with our existing TETRA STEELWATERZ™ aboveground impoundment systems and our pit lining services will allow TETRA to meet the specific water management needs of our clients," commented Termine.

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