Saipem Acquires EMC
Saipem (ENI group) has acquired from Halliburton Brown & Root the remaining 50% of European Marine Contractors Ltd. (EMC), leader in the offshore pipeline market in the North Sea.
The acquisition price is US$ 115 million. This amount may be increased by a maximum of US$ 27.5 million, in accordance with a formula linked to the Oil Service Index.
This acquisition will allow Saipem to achieve complete global flexibility of EMC vessels, including the semi submersible pipeline vessels Castoro Sei and Semac, and will further enhance Saipem capabilities in the strongly emerging deep water trunklines market. Saipem will also relocate some of the EMC vessels from the North Sea to other world regions, such as South East Asia, where a strong recovery is anticipated.