Technip has agreed to its North American diving assets to Ranger Offshore as it looks to focus on high technology and ultra-deep water products and services.
Proceeds from this divestment will be partially reinvested directly into Technip's subsea business, specifically focusing on improvements to the rigid pipe fabrication facility (spoolbase) in Mobile, Alabama, USA.
The sale to Ranger Offshore will facilitate the growth and development of their diving business with the addition of these subsea assets that have been in continuous operation in North America since 1973.
As part of this transaction, Technip and Ranger Offshore have entered into a multiyear diving services agreements covering Technip’s North America region.
The closing of the sale is estimated to occur during Q4 2014.
Ranger Offshore is a portfolio company of SunTx Capital Partners. Formed in 2008 and based in Houston, with operating centers in Galveston, Lafayette and Ciudad del Carmen (Mexico), Ranger Offshore provides marine and subsea construction support services for the offshore oil and gas industry.