March 24, 2009 / 3:39 PM / 10 years ago

UPDATE 1-T-3 Energy shares sink as CEO Halas resigns

* CEO Gus Halas resigns

* Names Steven Krablin CEO effective immediately

* Shares fall more than 30 pct

BANGALORE, March 24 (Reuters) - Shares of T-3 Energy Services Inc TTES.O fell more than 30 percent, after the oil field products and services company said Chief Executive Gus Halas resigned.

The company named Steven Krablin chief executive and chairman, effective immediately.

T-3 Energy’s shares, which were among the top percentage loser on Nasdaq, were trading down $3.28 at $11.57. Excluding Tuesday’s losses, the stock is off nearly 83 percent from the year-high it touched last July.

Pritchard Capital analyst Brian Uhlmer said the stock was down as the news came as a surprise and there did not appear to be a transition period.

“Gus Halas has turned the company around and we expected him to leave at some point, but this was still a little sudden,” he said.

Halas’ replacement Krablin was a director from 2001 to 2004 at T-3 Energy. He currently serves as a director of Penn Virginia Corp PVA.N, Hornbeck Offshore Services Inc (HOS.N) and Chart Industries Inc (GTLS.O).

Analyst Uhlmer said Krablin had large company experience and was part of an aggressive team that made a large amount of acquisitions beginning in 2001 to build National Oilwell Varco (NOV.N).

“We would expect similar strategy moving forward,” Uhlmer added. (Reporting by Adveith Nair in Bangalore; Editing by Anil D’Silva)

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