Global Industries to Acquire ETPM

Friday, September 24, 1999
Global Industries, Ltd. has signed a definitive purchase agreement to acquire ETPM, SA, a leading international offshore construction company wholly-owned by Groupe GTM, the construction affiliate of French utility Suez Lyonnaise des Eaux. The combined company will be the largest offshore construction company in market capitalization with combined 1998 revenues of approximately $1.3 billion. ETPM provides a full range of turnkey services, including design, procurement, fabrication, installation and commissioning of offshore platforms and pipelines. ETPM will be combined with Global's current international operations to create a new International Division. Pierre Laborie, ETPM's current president and COO, will head the new division. Under the terms of the transaction, Global will pay Groupe GTM $265 million in cash for the outstanding stock of ETPM and enter into a lease purchase of Groupe GTM's interest in two vessels providing for annual fees and a purchase of such interest in January 2002 for $25 million. In addition, Global will assume ETPM's liabilities (approximately $2 million in debt and capital lease obligations as of June 30, 1999). "This is an extremely significant acquisition for Global because it strengthens our deepwater position by doubling our dynamically-positioned fleet from three to six vessels and by positioning us as a leader in FPSO technology and development," said William J. Doré, chairman and CEO. "This transaction also provides us with cutting-edge automatic welding technology, which is critical in pipelay productivity, and extends Global's presence to all the major offshore construction markets worldwide."

Offshore

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Cathelco MGPS for Latest Lamprell-built Jack-up

Cathelco will provide a marine growth prevention system (MGPS) for the latest in a series of jack-up drilling rigs to be built by Lamprell, the UAE based  leading provider of fabrication,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0730 sec (14 req/sec)