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Technip to buy Global Industries for USD 1billion

September 12/2011

(Arabian oil and gas) -- French subsea specialist oilfield services firm Technip is to purchase subsea construction and pipe laying specialists Global Industries for USD 1.07 billion.

Technip will pay USD 8 cash for every outstanding share of Global, a 55% premium over the closing share price on Friday. The USD 1 billion price tag includes assumption of USD 136 million in debt.

The acquisition of Global Industries reinforces Technips leadership in subsea, one of our three market segments alongside onshore and offshore, said Thierry Pilenko, Chairman and Chief Executive Officer of Technip, in a statement.

The subsea market which includes undersea pipelines and sea floor production and processing equipment is likely to have a very strong year in 2011, Pilenko said.

Global is based in Carlyss, La. but has its international headquarters in Houston. It has 2,300 employees and operates 14 ships, ranging from subsea pipe laying vessels to heavy-lift vessels.

Technip has 23,000 employees and currently operates 20 ships involved in offshore construction. Before this deal Technip lacked vessels with S-lay capabilities for laying pipelines. That process involves using vessels with large underwater tressels that help guide a continuously welded string of pipe to the sea floor.

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