TETRA expands heavy-lift fleet

TETRA Technologies says it has added two heavy-lift derrick barges to its offshore well abandonment and decommissioning fleet.

Offshore staff

(US, GoM) - TETRA Technologies, Inc. announced the addition of two heavy-lift derrick barges to its offshore well abandonment and decommissioning fleet.

Geoffrey M. Hertel, president and CEO, commented, "TETRA has significantly expanded its offshore heavy-lift fleet to accommodate the unprecedented demand for well abandonment and decommissioning activities in the GoM."

"This demand increase is a reflection of three primary factors: (1) the catch-up of work deferred during property sales in 2003 and 2004, (2) destroyed and damaged platforms, wells and pipelines from hurricanes Katrina and Rita, and (3) the escalation of work due to the risks posed by future storms and associated increasing insurance costs."

TETRA says it purchased the derrick bargeDB-1 from Offshore Specialty Fabricators, Inc. for $20 million and finalized a long-term charter for the derrick barge Anna IV.

TheDB-1 is mobilizing to a shipyard where it will begin modifications and life-extension work, according to TETRA. The company anticipates the barge will be operational on or about June 1, 2006.

TheAnna IV is currently under tow from Schiedarn, Netherlands with an anticipated operational date prior to March 15, 2006.

TETRA says theirSouthern Hercules which has recently undergone extensive modifications will focus on plugging hurricane damaged wells, beginning this week.

"These three vessels will join our activeArapaho heavy-lift vessel to address the unprecedented demand referred to above. 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," added Hertel.

02/09/06

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