Technip Acquires Stone & Webster
Technip acquires Stone & Webster process technologies & associated oil & gas engineering capabilities from the Shaw Group.
Technip paid cash consideration of around €225 million from existing cash resources, which will be subject to customary price adjustments.
According to Technip, completion of this transaction creates a world-class downstream technology leader and will enable Technip to:
• Enhance substantially its position as a technology provider to the refining and petrochemicals industries,
• Diversify further its Onshore/Offshore segment, adding revenues based on technology supply,
• Strengthen its relationships with clients worldwide, backed by the Stone & Webster reputation,
• Expand in promising growth areas such as the US, where downstream markets will benefit from the supply of unconventional gas,
• Add skilled resources, notably in research in the US, and engineering in the US, the UK and India.
To make the most of these strengths, a new business unit, Technip Stone & Webster Process Technology, will be developed within the Onshore/Offshore segment.
Thierry Pilenko, Chairman and CEO, commented:
“I am delighted to welcome a high-skilled team into the Technip family. By combining our talents, strong portfolios and leading edge execution capabilities, we will further differentiate ourselves through first-class downstream technologies, offer unique products and services, and deliver greater value for both our customers and shareholders.”