Industrial equipment and component maker T-3 Energy Services Inc. (TTES) said Tuesday it appointed Steven Krablin as its President, Chief Executive Officer and Chairman, effective immediately. Krablin rejoins T-3 Energy where he served as a director from 2001 to 2004 and replaces Gus Halas, who has left the company to pursue other interests. T-3 is currently trading down more than 24% on the Nasdaq.
Krablin, most recently, was the Senior Vice President and Chief Financial Officer of National Oilwell Varco, Inc. Prior to joining National Oilwell Varco, Krablin served as the Senior Vice President and Chief Financial Officer of Enterra Corp. Currently, Krablin performs as a director of Penn Virginia Corp., Hornbeck Offshore Services, Inc. and Chart Industries, Inc.
In the fourth quarter, T-3 Energy reported a slip to loss of $8.72 million or $0.69 per share, hurt primarily by charges of $23.5 million or $1.62 per share related to goodwill impairment. Quarterly revenues rose 22% to $78.63 million in the same quarter a year ago.
T-3 Energy, on March 4, 2009, has also completed the purchase of the assets of the Azura Energy Systems Surface business for $8.14 million in cash plus the assumption of accounts payable and other current liabilities.
TTES is trading at $11.16, down $3.69 or 24.85%, on a volume of 0.88 million shares.
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