Monitor for additional work orders under this MSA to gauge project pace and cost. The two recent equity raises (~$194M combined) appear tied to funding this $220M capex program — watch for any further financing needs or cost overruns. The project is expected to begin operations in early 2028, so no near-term revenue impact.
Price Chart
Executive Summary
TETRA Technologies, through its subsidiary TETRA Bromine Project LLC, entered into a Master Services Agreement with Diversified Construction & Design for construction of Phases 2 and 3 of its Arkansas bromine facility (Evergreen Project). The contract covers approximately $95 million of the remaining $220 million in estimated capital expenditures. This filing follows two recent equity offerings totaling ~$194 million that appear to be financing this project.
Key Facts
- Agreement with Diversified Construction & Design for Phases 2 and 3 of the Evergreen bromine project in Stamps, Arkansas
- Estimated remaining capital expenditures for the Evergreen Project: ~$220 million as of March 31, 2026
- Approximately $95 million of construction services expected under this agreement
- Liquidated damages capped at $2.0 million if agreement is terminated by TBP
- Contractor warranty period: 18 months following final acceptance, but no later than December 31, 2029
- TBP may terminate without cause on 30 days' notice, paying demobilization costs plus 5% of unpaid contract price
- Filed 11-13 days after two 424B5 offerings raising ~$194 million (combined ~$100M + ~$94M), suggesting project financing
Financial Impact
~$95 million in construction services under this agreement, part of $220M total remaining capex for the Evergreen Project
Risk Factors
- Construction delays or cost overruns on the Evergreen Project
- Need for additional financing if $220M estimate proves insufficient
- Execution risk with a single contractor for substantial majority of remaining scope
- Forward-looking statements subject to final investment decision conditions including additional financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000844965-26-000046 |
| Document: tti-20260612.htm | 0000844965-26-000046 |
| Document: 0000844965-26-000046-index-headers.html | 0000844965-26-000046 |
| Document: 0000844965-26-000046-index.html | 0000844965-26-000046 |
| Document: 0000844965-26-000046.txt | 0000844965-26-000046 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 8-K | $6.12 | awaiting T+20 | — | $5.38 (−12.09%) |
Oct 6, 2026 20d ago | SC 13G/A | $6.12 | awaiting T+20 | — | $5.38 (−12.09%) |
Sep 30, 2026 26d ago | Press Release | $5.87 | awaiting T+20 | — | $5.38 (−8.35%) |
Sep 2, 2026 7w ago | Insider Buy | $6.94 $6.00 | ▼ −13.54% | ▼ −13.34% | $5.38 (−22.48%) |
Aug 3, 2026 12w ago | Press Release | $8.67 $6.53 | ▼ −24.68% | ▼ −23.44% | $5.38 (−37.95%) |
Jun 15, 2026 19w ago | 8-K | $10.15 $9.48 | ▼ −6.60% | ▼ −6.80% | $5.38 (−47.00%) |
Jun 4, 2026 20w ago | 424B5 | $9.93 $9.30 | ▲ +6.34% | ▲ +4.97% | $5.38 (+45.82%) |
Jun 2, 2026 20w ago | 8-K | $9.74 $9.30 | ▲ +4.52% | ▲ +3.52% | $5.38 (+44.76%) |
May 26, 2026 21w ago | 8-K | $10.39 $10.20 | ▼ −1.83% | ▲ +0.07% | $5.38 (−48.22%) |
Apr 9, 2026 28w ago | DEFA14A | $8.68 $9.86 | ▲ +13.59% | ▲ +6.03% | $5.38 (−38.02%) |
US Market Status
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