Technip announced today that it has entered into binding agreement for the divestment of a majority stake of at least 51% up to 75% in Seamec Limited (BSE: 526807, NSE: SEAMECLTD) to HAL Offshore Limited, India at a consideration of Rs 97 per share (translating to €20 million for 51% stake and up to 29 million for 75% 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.
The transaction is subject to standard condition precedents.
Ambit Corporate Finance, India is the exclusive financial advisor and AZB & Partners, India is the legal advisor to Technip on the above transaction.