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Tetra Technologies Names New Chief Financial Officer

Texas Business reports:  THE WOODLANDS, Texas—Tetra Technologies Inc. appointed Elijio V. Serrano to the positions of senior vice president and chief financial officer, effective immediately.

Serrano served as chief financial officer of UniversalPegasus International, a global project management, engineering and construction management company, from October 2009 through July 2012. From February 2006 through February 2009,  Serrano served as chief financial officer and executive vice president of Paradigm BV (formerly, Paradigm Geophysical Ltd.), a provider of enterprise software solutions to the oil and gas industry. From October 1999 through February 2006, Serrano served as chief financial officer of EGL, Inc., a publicly-traded transportation and logistics company. From 1982 through October 1999, he was employed in various capacities by Schlumberger Ltd., including as vice president and general manager of the western hemisphere operations of Schlumberger's Geco-Prakla seismic division from 1997 to 1999.

“We are extremely pleased to welcome Elijio as a member of our management team,” said Tetra chief executive Stuart M. Brightman in a prepared statement. “Elijio brings to Tetra extensive experience serving in CFO positions with both private and public companies. In addition to that breadth of experience in financial roles, Elijio's experience in a general management position with Schlumberger provides him insight into the operating side of the oil and gas services industry that will greatly benefit Tetra as we seek to fully integrate the operations of our recent acquisitions, streamline and optimize our existing assets and businesses, and continue to pursue additional growth in our service areas. We are gratified that Elijio has agreed to take on this challenging role with us, and we are confident in his ability to excel as our chief financial officer."

Serrano succeed Joseph M. Abell III, who has notified the company's board of directors of his resignation from the positions of senior vice president and chief financial officer.

In accordance with NYSE requirements, the company disclosed its board of directors authorized the grant to Serrano of an employment inducement award of 79,051 nonqualified stock options and 46,898 shares of restricted stock, with the grant date of such awards to be August 15, 2012.

The exercise price of the nonqualified stock options will be based upon the fair market value of the company's common stock on the date of grant. The nonqualified stock options will vest 33.3334% on the first anniversary date of the award and an additional 2.7778% of the award each month thereafter. The restricted stock will vest 33.3334% on the first anniversary date of the award and an additional 16.6667% each six months thereafter.   

Tetra is an oil and gas services company, focused on completion fluids and other products, after-frac flow back and production well testing, wellhead compression, and selected offshore services including well plugging and abandonment, decommissioning, and diving.