Tulsa’s Cypress Environmental Partners, L.P. announced plans to close Cypress Brown Integrity, its pipeline and process services segment located in Giddings, Texas.
The firm will also lay off 18 employees at CBI, a segment that provided customers with hydrotesting, chemical cleaning, drying, water treatment, nitrogen and other related services.
The partnership’s reasons for exiting the business include the decline in new pipeline construction projects and the inability to obtain more work directly with pipeline owners on maintenance projects. CBI initiated and completed the closure of its operations on September 10, 2021.
Cypress stated in a filing with the Securities and Exchange Commission that it expects to incur a $2 million loss on the disposal of intangible assets associated with CBI. It plans to sell the CBI property, plant and equipment which has a net book value of nearly $1 million. The partnership said it also expects employee severance expenses of nearly $0.1 million.
