Stolt Offshore Acquires Paragon Engineering Services
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.
Stolt Offshore Acquires Paragon
Stolt Offshore S.A. signed a letter of intent to acquire a majority ownership of Paragon Engineering Services Inc. (PES) of Houston from Mr. 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.
