Technip to sell 100% of North American diving assets

Technip has signed an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc. Technip’s strategy focuses 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.

Edited from source by Elizabeth Corner

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16092014/technip-to-sell-north-american-diving-assets/