TETRA Technologies, Inc. today announced that it intends to form a Master Limited Partnership (MLP) into which it will place the majority of its Compressco, Inc. (Compressco) subsidiary assets, and expects to file a registration statement with the Securities and Exchange Commission for the initial public offering (IPO) of common units representing limited partner interests. This process will require final Board of Director approval, after various aspects of the transaction have been clarified. It is estimated that the IPO could occur between late 2007 and early 2008 (late first quarter 2008).
Geoffrey M. Hertel, President and Chief Executive Officer of TETRA, stated, "Creating an MLP out of Compressco is a continuation of our ongoing strategy to unlock and create value for our stockholders, from our assets."
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale of securities would be unlawful. The securities will only be offered and sold pursuant to a registration statement to be filed under the Securities Act of 1933, as amended.
TETRA is an oil and gas services company, including an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets.
This press release includes certain statements that are deemed to be forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, including, but not limited to, the risk that the expected formation of the MLP and the related offering will be delayed or cancelled due to market, regulatory or other factors, and the risks set forth in the Company's filings with the Securities and Exchange Commission, which are incorporated by reference as though fully set forth herein.
Contact:
TETRA Technologies, Inc., The Woodlands
Geoffrey M. Hertel, 281-367-1983
Fax: 281-364-4346
www.tetratec.com
Source: TETRA Technologies, Inc.
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