Technip, a global leader in project management, engineering and construction for the energy industry, has entered into binding agreements to divest its majority stake (at least 51 per cent and up to 75 per cent) in Seamec in favour of HAL Offshore India at a price of Rs. 97 per share.
For a 75 per cent stake, the transaction works out to Rs. 246.62 crore.
Technip entered into the agreement through its wholly-owned subsidiary Coflexip Stena (Mauritius) Offshore Ltd, a statement from Technip said, adding that the divestment was part of Technip's strategy to concentrate on its core competencies of deepest subsea complex, deepwater oil and gas developments. Technip said it continued to invest in and grow its projects and deepwater businesses in India, employing nearly 3,000 people.
Seamec is India's leading provider of diving support vessel-based diving services globally, owning a fleet of five diving support vessels. Through Coflexip, Technip owns 75 per cent of Seamec's equity. HAL Offshore is a solution provider of underwater services and EPC services to the Indian oil and gas industry. It owns two multi-purpose supply and support vessels. On the BSE, Seamec reacted 0.65 per cent to close trading at Rs. 99.
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