TETRA Acquires Precision Well Testing
TETRA Technologies, Inc. has acquired the assets and business of Precision Well Testing Company for cash. Precision, which was founded in 1989, services offshore and onshore production testing markets along the Gulf Coast from facilities in Spring and Alice, Texas.
TETRA's Chief Executive Officer Geoffrey M. Hertel stated, "TETRA is the largest participant and a consolidator of the production testing market in the Western Hemisphere. The acquisition of Precision, a significant competitor with a reputation for excellent service and high quality equipment, complements our strategy of consolidating the production testing market and more than doubles our offshore testing fleet.
"Since entering the production testing business in 1996, we have grown this unit substantially in size and expanded geographically into Mexico and South America. The Precision acquisition significantly increases our production testing presence on the Gulf Coast, particularly in the offshore testing market where TETRA enhanced its position last year with the acquisition of Production Well Testers, Inc. More importantly, a large portion of Precision's equipment is suitable for international use, allowing us to expand into new markets, particularly in the Eastern Hemisphere, where there has been a renewed focus on natural gas drilling.
"TETRA will continue to seek additional acquisitions that complement our long-term production testing strategy. The Company's strong financial position allows us to take advantage of opportunities such as Precision, as they arise."