TETRA Technologies Announces Acquisition of a New Derrick Barge for $71M
TETRA Technologies, Inc. (NYSE: TTI) today announced that it has acquired a newly built derrick barge with a 1,600 metric ton capacity, fully-revolving crane and accommodations for 300 personnel for an expected total investment of approximately $71 million, including the purchase price and inspection, transportation and outfitting costs.
The barge, which is named the TETRA Hedron, was acquired from Wison (Nantong) Heavy Industries Co. Ltd. and Nantong Mee Lee Cheong Tongbao Shipbuilding Co. Ltd. The barge, which was originally contracted for by a Malaysian company, was recently completed under the supervision of TETRA personnel in Nantong, China. TETRA anticipates that the barge will undergo final outfitting and sea trials upon its arrival in the Gulf of Mexico and that it will be available for work in the fourth quarter of 2011.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.