Offshore Staff
HOUSTON -- MODEC USA Inc. has entered into an agreement with FMC Technologies Inc. to acquire FMC Technologies Floating Systems Inc. for $54.4 million.
FMC Technologies Floating Systems Inc., among other things, develops and manufactures SOFEC turrets and mooring systems for FPSOs, FSOs, and offshore marine loading systems.
"We expect this strategic acquisition to allow us to better serve our customer's needs in the FPSO and FSO markets on a worldwide basis," said Kenji Yamada, president and CEO of MODEC.
"We have determined that the floating systems business is not strategically connected to our subsea business and that it requires different core competencies," said Joseph Netherland, chairman and CEO of FMC Technologies. "With this transaction, FMC Technologies is exiting from the floating production systems business."
"In addition to the gains, the divestiture allows the company to focus on our more rapidly growing subsea systems business," he added.
The transaction is expected to close by Dec. 31.
11/29/06
