Technip plans selling majority stake in Seamec Hindustan Aeronautics Ltd

Technip to sell majority stake in Seamec

11:23 AM, 23rd April 2014
Technip plans selling majority stake in Seamec

PARIS, FRANCE: Technip has entered into binding agreement for the divestment of a majority stake of at least 51 per cent up to 75 per cent in Seamec Limited to Hindustan Aeronautics Ltd (HAL) Offshore Limited, India at a consideration of Rs 97 ($1.60) per share; the cost of the transaction is about €20 million for 51per cent stake and up to 29 million for 75 per cent 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.

 

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