“HayBoo, T&K represent Tetra on $57.5M in divestitures”
The Woodlands-based Tetra Technologies said March 1 it agreed to sell its offshore decommissioning services businesses and its Maritech operations to Orinoco Natural Resources and Epic Offshore Specialty for $57.5 million.
Haynes and Boone partner Bill McDonald, who recently lateraled from AKK, and partners Stacy Brown and Barry Davis at Thompson Knight were Tetra’s outside counsel. Slattery Marino & Roberts in New Orleans represented the buyers.
Tetra general counsel Bass Wallace led the in-house team, which included senior counsel Kelton Tonn and Alicia Boston. Wallace has been the company’s general counsel since 1994 after working for 12 years at V&E. He received his law degree from the University of Texas School of Law.
As part of the transactions, Orinoco agreed to assume responsibility for completing Maritech’s $47 million in remaining asset retirement obligations. Tetra also is keep the working capital of the businesses being sold and will receive $3 million in cash for inventory and fuel and a $7.5 million promissory note payable on Dec. 31 of next year.
Tetra CEO Stuart M. Brightman said in a statement that going forward the company will focus on offshore and onshore fluids; on water management and frac flowback services in the shale plays; and on field compression.
The company expects the divestitures to reduce the volatility of its earnings and eliminate the uncertainty of Maritech’s asset retirement obligations.