Maverick completes acquisition

Maverick Tube Corp. has completed the acquisition of SeaCAT Corp. The purchase price consisted of USD 4.0 million cash, a USD 5.0 million subordinated note and 733,676 shares of Maverick common stock. Additionally, Maverick may pay up to USD 750,000 if SeaCAT achieves certain performance targets through 2005. SeaCAT Corp., based in Houston, produces specialised coiled tubing products. These products are a key component of umbilicals, used for control and servicing of subsea oil and gas production facilities.

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