TETRA Technologies has acquired the assets and business of Epic Divers and associated affiliates (Epic) for $50 million in cash.
Epic, which was founded in 1972, offers a full complement of commercial diving services and operates a fleet of marine vessels, including saturation dive units capable of supporting saturation diving up to 1,000 feet below sea level. Epic is headquartered in Harvey, Louisiana, and has an office in Houston, Texas.
"A number of factors have created an unprecedented demand for diving services, around the world in general, and in the Gulf of Mexico (GOM) in particular," said Geoffrey M. Hertel, TETRA President and CEO. "The combination of Epic and TETRA should allow us to grow Epic into a worldwide diving services company. Epicís excellent management, quality equipment, dedicated professional employees, good reputation, and enviable safety record were important to us in our evaluation of this acquisition." Epic has approximately 250 employees.
"In addition to offering a quality service to our external customers, the acquisition of Epic allows TETRA to more effectively control costs and ensures the availability of a critical service component necessary to perform well abandonment and decommissioning services as well as work for Maritech," added Hertel. Epicís current budget reflects revenues slightly in excess of $60 million for 2006 (TETRA will only own Epic for about 83 percent of the year). "We expect the acquisition to be immediately accretive to earnings," he said. "We believe the addition of Epic to the TETRA family of companies will strengthen both parties and enhance TETRAís formidable well abandonment and decommissioning presence in the Gulf of Mexico."