TETRA Technologies wins Petrobras contract

Houston Business Journal

Tetra Technologies Inc. has inked a multi-year contract to supply completion fluids and services to Brazil oil giant Petroleo Brasileiro.

The contract represents The Woodlands-based Tetra's first of its kind with Petroleo Brasileiro, also known as Petrobras .

"While Tetra has previously supplied Petrobras and ex-national oil companies with completions products and services in Brazil, this is by far our largest fluids contract in this country," said Tetra President and CEO Geoffrey M. Hertel.

The project involves deepwater high temperature, high pressure wells offshore Brazil.

The contract term is for four years, with an option for an additional four years. Financial terms were not disclosed.

Tetra (NYSE: TTI) says it hopes to begin work under the contract by the end of the year but is not budgeting any jobs for it until 2009.