TETRA Technologies, Inc. announced that it signed a contract to supply completion fluids and associated services to Petroleo Brasileiro. This contract, the first of its type with Petrobras, is for completion fluids and associated services on deepwater HTHP wells offshore Brazil.
Geoffrey M. Hertel, President and Chief Executive Officer, stated, "TETRA is very pleased to be offering our products and services to Petrobras, under this contract. The area covered and types of wells (HTHP) reflected in this contract have been highlighted by Petrobras, with a number of significant discoveries. While TETRA has previously supplied Petrobras and ex-national oil companies with completions products and services in Brazil, this is by far our largest fluids contract in this country.
"The contract term is for four years, with an option for an additional four years. We hope to begin work under the contract by year-end, however, we are not now budgeting any jobs until 2009. This will give us time to add the needed infrastructure and inventories to our existing operations, to support this contract. The contract exemplifies our continued expansion into international markets and also helps to reinforce our decision to expand our fluids manufacturing operations in Arkansas," concluded Hertel.
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