Technip has entered into an agreement to divest a majority stake of at least 51%, up to 75%, in Seamec Ltd. HAL Offshore Ltd., India at a consideration of Rs 97 per share (US$27 million for 51% stake and up to $40 million for 75% stake).
This divestment allows for the development of the Seamec business and HAL’s and is part of Technip’s strategy to concentrate on its core competencies involving deepest subsea complex, deepwater oil and gas developments.
It allows Technip to continue to invest in and grow its business in India, where it employs nearly 3000-strong workforce focusing on onshore and offshore technologies and projects as to grow in the deepwater subsea sector.
Ambit Corporate Finance is the exclusive financial advisor and AZB & Partners is the legal advisor to Technip on the above transaction.