French group says €225m buy will enhance refining and petrochemicals technology business
Technip has completed the acquisition of the energy and chemicals unit of US-based Shaw Group for €225m ($283m), the French engineering group announced.
The deal will expand Technip’s footprint in the Middle East, with Shaw Group working with several major oil, refining and petrochemicals projects in the region.
The Paris-based company said the acquisition would “enhance substantially its position as a technology provider to the refining and petrochemicals industries”, as well as diversify and add revenues to its oil and gas operations.
The acquired business, which includes most of Shaw Group’s Stone & Webster subsidiary, is expected to generate higher margins than Technip’s existing Onshore/Offshore business segment, where it will be development under the name Technip Stone & Webster Process Technology.
In the UAE Stone & Webster is the project management consultant (PMC) for the major development of its Nasr, Satah al-Razboot (Sarb) and Umm al-Lulu offshore oilfields.
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