Tetra Tacks On Optima Solutions To Its Holdings

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$62.7MM
Description

Bought company providing rig cooling services & associated products that suppress heat generated by the high-rate flaring of hydrocarbons during offshore well test operations.

Tetra Investments Co. U.K. Ltd., a subsidiary of Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) has acquired Aberdeen, U.K.-based Optima Solutions Holdings Ltd. for GBP 40 million (approximately US$62.7 million) plus contingent consideration to be paid in the future depending on profitability.

Optima provides rig cooling services and associated products that suppress heat generated by the high-rate flaring of hydrocarbons during offshore well test operations. Optima provides services to diversified customer base in more than 40 countries from operational bases in Aberdeen and Perth, Australia.

Optima’s rig cooling systems provide safety from the extreme temperatures generated during flaring operations and enable high-rate well test operations to be performed without compromising installation integrity, installation operations and personnel safety. Optima’s rig cooling packages employ patented nozzle technology and a wide range of associated pumping equipment that provide users with exceptional performance, reliability and safety.

Tetra president and chief executive Stuart Brightman says, “With this acquisition, we are accelerating our strategic goal of offering our customers a broader range of well completion and production testing services, and we are expanding our presence in many significant global markets. Optima is a strong complement to our existing portfolio of well completion and production testing services, and we believe we can add value for Optima's customers through our experience in, and understanding of, those businesses.”

Optima managing director and founder Jamie Oag says, “We see this as the next phase in our strategic plan, increasing Optima’s global presence in a manner consistent with our best in class safety and service quality performance standards.”

Simmons & Co. International was financial advisor to Tetra. Ernst & Young was financial advisor to Optima.