Technip Inks Deal to Sell 75% Stake in Seamec to HAL Offshore for $40M
France's Technip announced Tuesday that it has entered into binding agreement for the divestment of a majority stake of at least 51 percent up to 75 percent in Seamec Limited to HAL Offshore Limited, India at a consideration of $1.60 (INR 97) per share (translating to $27.61 million or €20 million for 51 percent stake and up to $40.04 million or €29 million for 75 percent stake).
This divestment allows for the development of the Seamec business and HAL’s and is part of Technip’s strategy to concentrate on its core competencies involving deepest subsea complex, deepwater oil and gas developments.
It allows Technip to continue to invest in and grow its business in India, where it employs nearly 3,000-strong workforce focusing on onshore and offshore technologies and projects as to grow in the exciting deepwater Subsea sector.
The transaction is subject to standard condition precedents.
Ambit Corporate Finance, India is the exclusive financial advisor and AZB & Partners, India is the legal advisor to Technip on the above transaction.
Seamec Limited is an India’s leading provider of diving support vessel (DSV) based diving services globally. It owns and operates a fleet of five diving support vessels for providing support services including marine, construction and diving services to offshore oilfields. Technip through its wholly owned subsidiary, Coflexip Stena Offshore Mauritius owns 75 percent equity stake in Seamec Limited.
About HAL Offshore Limited
HAL Offshore Limited is a “end to end” solution provider of underwater services and EPC services to the Indian oil and gas industry. It owns two multi-purpose supply and support vessels (including one vessel with capabilities to provide diving support). It is part of India based M M Agrawal Group, having presence across diverse verticals such as bottling and marketing of soft drink under license from Coca Cola USA, Hospitality, Real Estate, Philanthropic Education Trust, etc.
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