US-based oil and gas services company TETRA Technologies has completed the purchase of Greywolf Production Systems (Greywolf) for a total consideration of $55.5m in cash.

”Canada-based Greywolf is a well testing and flow back company which has operational centres both in Canada and USA.”

The acquisition was funded with a combination of available cash and borrowings under the company’s revolving credit facility.

Stuart M Brightman, Tetra president and CEO, said the company looks forwards to working with the Greywolf team to merge its production testing operations and start the introduction of its expanded service capabilities to both new and existing customers.

"We drew-down $50m under our $278m revolving credit facility to fund a portion of the acquisition and for general corporate purposes. Following this draw-down, we have approximately $228m of borrowing capacity still available," said Brightman.

Canada-based Greywolf is a well testing and flow back company which has operational centres both in Canada and USA.

The company is a provider of flow back testing services in the Williston basin, including the Bakken formation.