Technip forms Malaysian partnership

Technip is forming a strategic collaboration with Petronas subsidiaries MISC Berhad and Malaysia Marine and Heavy Engineering Holdings Berhad (MHB).

Offshore staff

PARIS -- Technip is forming a strategic collaboration with Petronas subsidiaries MISC Berhad and Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). The partners plan to work jointly on offshore and onshore projects, initially designing and building offshore platforms, developing technologies, and cross-transferring skills.

Technip, as a strategic investor, will look to take a minority stake in MHB representing around 8-9.9% on its proposed listing during the latter part of this year. The company has worked with MHB subsidiary Malaysia Marine and Heavy Engineering Sdn Berhad, which provides marine repair, conversion, engineering and construction services. The two are currently co-contractors for Petronas' offshore and onshore facilities in Asia.

Technip says the move would extend its local content and strengthen its position in the Asia/Pacific region.

08/20/2010

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