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Technip to acquire Stone & Webster Process Technologies from The Shaw Group (11-6-2012)
Technip has entered into an agreement to acquire Stone & Webster process technologies and the associated oil and gas engineering capabilities from The Shaw Group for a cash consideration of approximately €225 mln. This transaction will enable Technip to:
• Enhance substantially its position as a technology provider to the refining and petrochemicals industries,
• Diversify further its Onshore/Offshore segment, adding revenues based on technology supply,
• Strengthen its relationships with clients and partners worldwide, backed by the Stone & Webster reputation,
• Expand in promising growth areas such as the US, where downstream markets will benefit from the supply of unconventional gas,
• Add skilled resources, notably in research in the US, and in engineering in the US, the UK and India.
Thierry Pilenko, Technip's Chairman and CEO, commented: "The acquisition of these world-class downstream technologies and high-quality engineering resources fits perfectly with Technip's strategy to differentiate itself through technology. Technip becomes a major technology provider to downstream markets, adding value to its Onshore/Offshore segment. In addition, we gain access to promising growth areas, including US petrochemical investments driven by low-price shale gas. Furthermore, we are delighted to welcome 1,200 talented people to Technip, to support our growth and our clients' needs. We continue the process of broadening Technip's offering of products, services and technologies."
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