Stolt Offshore Acquires Paragon Engineering Services

Tuesday, February 20, 2001
Stolt Offshore S.A. signed a letter of intent to acquire a majority ownership of Paragon Engineering Services Inc. (PES) of Houston from Kenneth Arnold, the current controlling shareholder. A new holding company, Paragon Engineering Services International (PESI), will be established which will operate from the existing PES office in Houston and through a new company, Paragon Europe (PE), in Paris. This represents an investment by Stolt Offshore of approximately $13 million. The transaction is expected to close during the second quarter of this year. PES provides front end engineering and design studies, detailed engineering, procurement, construction and project management services to customers for both offshore and onshore production facilities and pipelines. The company currently employs 350 people and had revenues of $40 million in the last 12 months.

Bernard Vossier, CEO of Stolt Offshore said, "The formation of this new entity combining Stolt Offshore's deepwater design experience with Paragon's topsides design and project management expertise, will enhance Stolt Offshore's ability to take total responsibility for large deepwater EPCI projects around the world. We intend to operate and grow the Paragon companies independently of Stolt Offshore. This will allow Paragon's recognized capabilities in cost efficient Gulf of Mexico type designs to be offered to a wide range of upstream oil and gas customers worldwide," said Vossier.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

Turkey Approves EIA Report for South Stream’s Offshore Section

The Ministry of Environment and Urban Planning of Turkey approved the Environmental Impact Assessment (EIA) Report and issued a positive opinion of the EIA results

BW Offshore to Fully Own FPSO Petroleo Nautipa

Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1072 sec (9 req/sec)