Technip to sell controlling stake in India dive specialist

Technip has agreed to divest a majority stake of between 51% and 75% in Seamec to HAL Offshore Ltd., India.

Offshore staff

PARIS – Technip has agreed to divest a majority stake of between 51% and 75% in Seamec to HAL Offshore Ltd., India. The value of the sale could range from $27.7-40 million.

Seamec is said to be India’s leading provider of diving support vessel (DSV)-based diving services globally. It owns and operates five DSVs. Technip subsidiary Coflexip Stena Offshore Mauritius owns 75% of the company.

Technip plans to focus more ondeepwater activity offshore India.

HAL providessubsea and engineering, procurement, and construction services to the Indian oil and gas sector. It currently owns two multi-purpose supply and support vessels, one of which can be configured for diving support, and is part of the M M Agrawal Group.

04/23/2014

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