Tetra, Insurers Strike $40M Deal Over Katrina Damage

Law360, New York (October 15, 2009, 12:49 PM EDT) -- Tetra Technologies Inc. has reached a $40 million settlement with its insurance companies in a breach of contract suit over damage to offshore oil wells caused by hurricanes Katrina and Rita, the oil and gas services company announced Wednesday.

Maritech Inc., a Tetra subsidiary, sued various insurers and underwriters at Lloyd's of London in a state court in Montgomery County, Texas, for breach of contract in November 2007. The settlement, which will be received within the next 30 days, will bring Tetra's total insurance payout related...
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