February 8, 2006
Tetra boosts heavy lift fleet
Tetra Technologies, Inc. (NYSE:TTI ), The Woodlands, Texas, is adding two heavy lift derrick barges to its offshore well abandonment and decommissioning fleet.
TETRA has purchased the derrick barge DB-1 from Offshore Specialty Fabricators, Inc. for $20 million. Additionally, it has chartered the derrick barge Anna IV on a long term basis.
Geoffrey M. Hertel, President and Chief Executive Officer, stated, "TETRA has significantly expanded its offshore heavy lift fleet to accommodate the unprecedented demand for well abandonment and decommissioning activities in the Gulf of Mexico."
Hertel says the demand increase reflects:
"We made the strategic decision to increase our fleet to service our existing base load and the upcoming needs of our clients," said Hertel.
"The DB-1 is immediately being taken to a shipyard where it will begin modifications, as well as incur expenditures to extend its useful life," said Hertel. "We anticipate the DB-1 will be operational on or about June 1, 2006."
The Anna IV is currently under tow from Schiedam, in The Netherlands. Tetra anticipates this vessel will be working prior to March 15, 2006.
"Our Southern Hercules," said Hertel, "has recently undergone extensive modifications to make her an ideal Emergency Response Vessel, focusing on plugging hurricane damaged wells. The modified Southern Hercules should begin to work this week."
Hertel said the three vessels will join Tetra's Arapaho heavy lift vessel which is currently working.
"We will now be able to offer our clients additional conventional well abandonment and decommissioning services, as well as emergency response services (both shallow and deepwater) for damaged platforms, wells and pipelines," said Hertel.