2011-02-18-2011-02-18-2011-02-18

Acquired plug and abandonment, slickline intervention, and project management/contracting businesses focused on U.S. federal and state waters.

Houston-based Proserv Offshore Inc. has sold certain offshore assets to TETRA Technologies Inc. for a net purchase price of $6.25 million.

The transferred assets are limited to Proserv Offshore's plug and abandonment, slickline intervention, and project management/contracting businesses as conducted in U.S. federal and state waters.

Proserv Offshore will continue to offer subsea cutting, repair, and maintenance, as well as offshore consulting, pipeline repair, dredging, coating removal and flushing services in the Gulf of Mexico and worldwide. Proserv Offshore will also retain its abandonment and decommissioning business internationally in key markets including the North Sea, Far East, Middle East and Latin America.

"The sale of select decommissioning assets in the U.S. enables Proserv Offshore to fund growth in its U.S. cutting business and global offshore decommissioning operations," commented Ruben Saier, chief executive, Proserv. "We view the deal with TETRA as mutually beneficial."

A global leader in subsea application, Proserv Offshore has 30 years experience in the international oil and gas industry, providing a wide range of bespoke tooling solutions for marine and subsea operations.