Technip Finalizes Its Acquisition of UTC in Brazil
TECHNIP has finalized the acquisition (100%) of the privately owned UTC Projectos e Consultoria SA. TECHNIP acquired this Brazilian engineering and construction company to develop its activities in the upstream sector and especially in deep-water field development.
UTC is based in Rio de Janeiro and employs over 400 people. The company has a long track record in services and turnkey contracts for local operators, both onshore and offshore. It has, notably, a long standing working relationship with PETROBRAS, who recently awarded the company the FEED (front end engineering design) of the floating facilities for the Albacora Leste field.
The Brazilian offshore sector is one of the very promising deepwater areas in the world and has attracted a large number of international oil companies since its opening to foreign companies.
COFLEXIP is already a major player in the subsea industry in Brazil, where it operates flexible subsea pipes plant in Vitoria and two pipe laying ships permanently based in the country. The acquisition of UTC is another building block in the implementation of the offshore growth strategy of the Group.
Through the acquisition of UTC, TECHNIP will be in an even better position to bid on upstream projects very competitively, on the basis of its know-how and technologies, while maximizing the Brazilian content.