Technip acquires Stone & Webster from Shaw Group

Technip acquires Stone & Webster from Shaw Group

5:41 AM, 3rd September 2012
Technip acquires Stone & Webster from Shaw Group

PARIS, FRANCE: Technip completed the acquisition of Stone & Webster process technologies and associated oil and gas engineering capabilities from The Shaw Group. “By combining our talents, strong portfolios and leading edge execution capabilities, we will further differentiate ourselves through first-class downstream technologies, offer unique products and services, and deliver greater value for both our customers and shareholders,” said Thierry Pilenko, Chairman and CEO, Technip. Technip paid cash consideration of around €225 million from existing cash resources, which will be subject to customary price adjustments.

This transaction, which was originally announced on 21 May 2012, creates a world-class downstream technology leader and will enable Technip to - enhance substantially its position as a technology provider to the refining and petrochemicals industries, diversify further its onshore/offshore segment, adding revenues based on technology supply, strengthen its relationships with clients worldwide, backed by the Stone & Webster reputation, expand in promising growth areas such as the US, where downstream markets will benefit from the supply of unconventional gas, add skilled resources, notably in research in the US, and engineering in the US, the UK and India.

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