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Company Overview
Team Inc (TISI) is a distinguished provider of specialty industrial services offering comprehensive solutions for the construction, maintenance, and monitoring of high temperature and high pressure piping systems and vessels. Operating across a broad range of heavy industrial sectors, including refining, petrochemical, power, and pipelines, the company is dedicated to ensuring operational safety, reliability, and efficiency. With a global footprint that spans multiple continents and a history rooted in progressive and reliable service delivery, Team Inc exemplifies technical expertise and a commitment to quality that is essential in today’s complex industrial environments. Keywords such as industrial services, non-destructive testing, and mechanical repair underscore the company’s role as an enabler of operational integrity for critical infrastructure.
Core Business Segments
The company operates its business through two main segments:
- Inspection and Heat Treating Group: This segment provides comprehensive non-destructive testing services and specialized heat-treating processes. It is crucial for assessing the integrity of high-risk assets and ensuring they meet rigorous safety standards. These services are integral to the process, pipeline, and power sectors where asset reliability is paramount.
- Mechanical Services Group: This segment focuses on mechanical repair, remediation, and turnaround services. It is designed to address both planned and emergency maintenance scenarios, ensuring minimal operational downtime and enhancing safety during both on-stream operations and scheduled shutdowns.
Service Offerings and Operational Capabilities
Team Inc delivers a full suite of specialized services including:
- Non-Destructive Testing (NDT): Utilizing advanced inspection techniques to evaluate the condition of piping and vessel infrastructure without compromising the asset.
- Engineering Assessments: Conducting detailed evaluations to identify potential risk factors and recommending appropriate remedial actions to maintain operational integrity.
- Mechanical Repair and Remediation: Offering expert repair solutions under both on-stream conditions and during planned shutdowns, ensuring that critical assets continue to perform optimally.
- Heat Treating Services: Implementing proprietary and conventional heat-treating processes to enhance material performance and extend the life of industrial components.
These diversified operations allow Team Inc to address a vast array of challenges in heavy industrial operations. Each service is executed with a rigorous focus on precision, safety, and adherence to industry standards, reinforcing the company’s commitment to delivering value through expert technical capability.
Market Position and Industry Context
Team Inc occupies a significant niche within the industrial services landscape, providing critical support to companies operating in safety-sensitive sectors. The firm differentiates itself by combining conventional techniques with innovative, proprietary solutions to meet the demanding requirements of its client base. By serving industries where the integrity of high-pressure and high-temperature systems is paramount, Team Inc is positioned as an indispensable partner that aids in mitigating risk and enhancing asset performance. The company's strategic presence across multiple countries further amplifies its ability to support industrial clients worldwide, enabling localized service delivery backed by global expertise.
Competitive Landscape and Differentiation
In a competitive industrial services market, Team Inc stands out through its technical proficiency and diversified service offerings. Unlike firms that specialize in a single aspect of industrial maintenance, Team Inc integrates inspection, heat-treating, and mechanical repair into a seamless service offering. This integration not only improves efficiency but also provides a single point of contact for clients seeking comprehensive operational solutions. The focus on non-destructive testing paired with specialized maintenance services positions the company uniquely against competitors, ensuring that clients receive thorough, reliable, and timely support for their critical infrastructure needs.
Operational Excellence and Global Footprint
Operational excellence is a cornerstone of Team Inc’s business model. The company leverages decades of industry experience to deliver technical solutions that enhance both the safety and performance of industrial assets. With numerous service locations around the globe, Team Inc is capable of executing complex projects in diverse geographical settings. The breadth of its network allows the company to collaborate effectively with local and international clients, ensuring that best practices in safety and efficiency are uniformly applied across various markets. The diverse geographical presence not only underscores its global reach but also demonstrates the company’s ability to adapt and respond to different regulatory and operational environments.
Expertise, Experience, and Industry Authority
Team Inc builds trust through decades of proven expertise in industrial services. Its teams are trained in the latest inspection methodologies and mechanical repair techniques, ensuring that every project is completed to the highest quality standards. This commitment to excellence is further reflected in the precision of its engineering assessments and the reliability of its turnaround services, which are vital to industries where operational continuity is a critical priority. By uniting advanced technology with decades of industry experience, the company continues to earn accolades and recognition for its expertise, without relying on overt self-promotion but rather through demonstrable technical know-how and a steadfast adherence to safety norms.
Implications for Stakeholders
For companies operating in refining, petrochemical, power, and pipeline sectors, the services offered by Team Inc are integral to maintaining operational continuity and ensuring the safety of critical processes. The company’s rigorous approach to inspection, evaluation, and mechanical remediation supports client operations by reducing unexpected downtime and promoting a predictable, controlled maintenance environment. Stakeholders can be confident in the reliable operational support provided by Team Inc, which is underpinned by robust technical expertise and an extensive global service network.
Conclusion
In summary, Team Inc represents a comprehensive, technically adept industrial services provider that plays a vital role in the integrity and safety of high-pressure and high-temperature systems. Its dual-segment operational model addresses both preventive maintenance and emergency repairs, ensuring an all-encompassing approach to asset management. Through its unwavering commitment to technical excellence, operational reliability, and a strategically diversified service offering, Team Inc consistently supports industries that demand the highest standards of performance and safety. This detailed understanding of the company's operations and market positioning provides a clear view of its role in enhancing the efficiency and safety of industrial operations globally.
Team, Inc. (NYSE: TISI) announced a successful refinancing of its capital structure on February 11, 2022. This includes a new $165 million asset-based lending facility, replacing the previous $150 million facility, and a new $10 million equity investment. The refinancing enhances the company's liquidity and borrowing capacity, crucial for operational flexibility. CEO Amerino Gatti emphasized the importance of these transactions for the company's financial turnaround and plans for future growth, including a potential change in strategic direction to maximize shareholder value.
On February 2, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE regarding non-compliance with listing standards due to an average share price below $1.00. The company has 10 business days to notify its intent to remedy this issue and six months to regain compliance, potentially through a reverse stock split. Despite this challenge, the company will continue trading under the symbol TISI.BC. The notice does not affect operations or financial reporting and complies with debt agreements.
Team, Inc. (NYSE: TISI) announced a stockholder rights plan to safeguard its net operating loss carryforwards (NOLs) and other tax attributes. The plan, effective immediately, aims to deter ownership changes that could limit the use of approximately $210 million in U.S. federal NOLs. If ratified in the 2022 annual meeting, the rights plan will remain until February 2, 2025. The initiative is designed to protect long-term stockholder value and ensure that the Board can fulfill its fiduciary duties while allowing current shareholders to maintain their holdings.
TEAM, INC. (NYSE: TISI) announced plans to issue 5,917,051 warrants at an exercise price of $1.50 per share to affiliates of Corre Partners Management and Atlantic Park Strategic Capital. The Audit Committee stated that delaying shareholder approval could jeopardize the company’s financial viability, which led them to seek an exception to the NYSE's approval rules. All shareholders will receive notification about this decision, and the warrants will be issued ten days after the notice is sent.
Team, a global provider of asset performance solutions, reported disappointing financial results for Q3 2021, with a net loss of $91.2 million ($2.94 loss per share), compared to a $9.1 million loss a year prior. Revenue slightly decreased to $217.4 million from $219.1 million. The Inspection and Heat Treating segment grew by 5%, but Mechanical Services and Quest Integrity faced project delays and declining margins. Inflationary pressures further impacted gross margins, which fell to 24.5%. A new $50 million subordinated term loan aims to improve liquidity amid ongoing challenges.
Team, Inc. (NYSE: TISI) will release its third quarter 2021 results on November 12, 2021, at 6:00 a.m. Eastern. A conference call will follow at 10:00 a.m. Eastern, providing insights into the company's performance. Interested participants can join by phone or via a webcast on Team's website under 'Investor Relations'. This release marks a key moment for investors, who will be keen to assess the company's financial health and future outlook during the call.
On November 9, 2021, Team, Inc. (TISI) announced a $50 million subordinated term loan led by Corre Management Partners. This loan enhances working capital and financial flexibility as the company seeks to leverage improving market conditions. The term loan includes an initial draw of $22.5 million and a second draw of $27.5 million scheduled for December 8, 2021. Additionally, an amendment to existing senior secured loans waives financial covenants until September 30, 2022. The subordinated loan matures by December 31, 2026 or later, depending on other loan repayments.
Team, Inc. (NYSE: TISI) announced that Susan Ball, Executive Vice President and Chief Financial Officer, plans to resign effective November 12, 2021, for personal reasons. She will assist during the transition and serve as a financial advisor post-resignation. Ball joined Team in December 2018 and was crucial in implementing the OneTEAM program and navigating challenges during the COVID-19 pandemic. Her departure is amicable, with no disagreements regarding company operations or policies. Team has initiated a search for her successor.
Team, Inc. (NYSE: TISI) has secured a multi-year contract with Chevron Corporation (NYSE: CVX) aimed at enhancing their mechanical integrity program. This partnership will integrate Chevron's upstream assets into TEAM's OneInsight™ platform, focusing on inspection, testing, and analytics. TEAM's Chairman and CEO, Amerino Gatti, emphasized the importance of emissions compliance and maintaining wellhead integrity. The collaboration aims to leverage TEAM's technological capabilities to offer comprehensive integrity services, addressing the growing demand in the upstream sector.
Team, Inc. (NYSE: TISI), a leader in asset performance assurance, will present at the Sidoti Fall 2021 Virtual Investor Conference on September 23, 2021. CEO Amerino Gatti and CFO Susan Ball will deliver a company overview at 11:00 a.m. Eastern Time and conduct virtual one-on-one meetings throughout the day. Headquartered in Sugar Land, Texas, Team, Inc. specializes in digitally-enabled solutions for asset optimization, offering services globally across 20+ countries. For additional details, visit www.teaminc.com.
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