French oil and gas industry services provider Technip announced Tuesday that it was acquiring the process technologies function of Stone & Webster, along with associated oil and gas engineering capabilities, which is currently owned by The Shaw Group for $285 million (EUR 225 million).
The business operates from five main locations, and has a particularly strong presence in the US, the UK and India.
Technip said that the deal will enable it to substantially enhance its position as a technology provider to the refining and petrochemicals industries, as well as diversifying further its onshore/offshore segment – adding revenues based on the supply of technology.
"The acquisition of these world-class downstream technologies and high-quality engineering resources fits perfectly with Technip's strategy to differentiate itself through technology," said Technip Chairman and CEO Thierry Pilenko in a statement.
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