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Offshore oil and gas: Technip further optimizes subsea assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc. Technip’s strategy focuses on high technology and ultradeep water products and services.

Proceeds from this divestment will be partially reinvested directly into Technip's Subsea business, specifically focusing on improvements to the rigid pipe fabrication facility (spoolbase) in Mobile, Alabama, USA.

The sale to Ranger Offshore will facilitate the growth and development of their diving business with the addition of these subsea assets that have been in continuous operation in North America since 1973.

As part of this transaction, Technip and Ranger Offshore have entered into a multiyear Diving Services Agreements covering Technip’s North America Region.

The closing of the sale is estimated to occur during the fourth quarter of 2014.

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