Page 17 - NorthAmOil Week 05 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

“We are very excited about these recent TETRA Technologies Caterpillar acquires Weir Oil
investments, and we continue to believe that
additional opportunities lie ahead, particularly announces divestment of & Gas, launches SPM Oil &
as we begin to see the benefits of continued
momentum in the macro activity landscape. interests in CSI Compressco Gas
While we typically see a significant slowdown
in activity in December, completion activity and related assets for Caterpillar has completed its acquisition of
remained quite active, resulting in significant the oil and gas division of the Weir Group, a
sequential revenue growth and incremental $30.7mn and announces Scotland-based global engineering business.
gross margins of approximately 40% quarter Headquartered near Fort Worth, Texas, SPM
over quarter, supported by significant volume preliminary TETRA-only Oil & Gas will continue to produce a full
uplifts in our strategic infrastructure assets. So line of pumps, flow iron, consumable parts,
far, this momentum has carried over into the fourth quarter results wellhead and pressure control products that
first quarter and we remain optimistic about are offered via an extensive global network of
our trajectory heading into the rest of 2021,” TETRA Technologies announced today service centres.
concluded Schmitz. a series of transactions related to CSI “Combining Weir Oil & Gas’ pressure
SELECT ENERGY SERVICES, February 2021 Compressco including (i) the sale to Spartan pumping and pressure control portfolio with
Energy Partners of its General Partner Cat engines and transmissions will provide
Superior Energy interests, incentive distribution rights and additional value for our customers,” said Joe
10.95mn of the 16.19mn common units
Creed, Caterpillar Group President. “This
successfully completes TETRA owned in CSI Compressco for acquisition is consistent with our strategy of
providing our customers expanded offerings
$13.95mn, plus a contingent payment that
financial restructuring and could increase the proceeds to $17.1mn if and services which will now be one of the
broadest in the well service industry.”
certain financial targets are met; (ii) the sale
emerges from Chapter 11 of 15 large compressor units for $14.2mn global service centres and approximately 2,000
The transaction includes more than 40
that are subject to a lease arrangement with
Superior Energy Services announced today CSI Compressco and (iii) the settlement employees.
that the company has successfully completed of outstanding intercompany balances for “The creation of SPM Oil & Gas ensures
its financial restructuring and emerged which CCLP paid TETRA $2.5mn, resulting the hard work accomplished by Weir Oil &
from Chapter 11, implementing the plan of in combined proceeds of approximately Gas remains at the forefront of innovation
reorganisation that was confirmed by the US $30.7mn, or $33.8mn if the contingent and customer service,” said Jon Stanton, Weir
Bankruptcy Court for the Southern District of payment is earned. As a result of these Group CEO. “The new organisation’s products
Texas, Houston Division on January 19, 2021. transactions, TETRA will reflect CSI and services along with its global reach
The company emerges with a strengthened Compressco as an asset held for sale and provide an excellent customer experience and
capital structure that eliminated more than a discontinued operation in its financial opportunity for growth.”
$1.30bn of existing debt. statements to be included in its 2020 Form CATERPILLAR, February 02, 2021
“Today’s milestone represents a 10K, and will not consolidate CSI Compressco
tremendous accomplishment for Superior. in TETRA’s financial statements beginning in
The company has emerged from bankruptcy the first quarter of 2021.
in less than two months, free of debt and TETRA TECHNOLOGIES, January 29, 2021
with a greatly strengthened balance sheet
and financial ability to compete,” said David
Dunlap, president and CEO of Superior. “Our
hat goes off to the many people who helped
us to get to this point, including employees,
customers, lenders, noteholders and suppliers,
and I look forward with great confidence to
the many future opportunities that lie ahead.”
Given strong operational performance in
recent months, Superior emerges with total
cash at emergence of approximately $242m.
The Company’s liquidity position is further
supported by a $120mn asset-backed secured
credit facility. Superior intends to file its
first periodic report with the Securities and
Exchange Commission in late March 2021.
SUPERIOR ENERGY SERVICES, February 02,
2021

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