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Shaw sells energy/chem unit to Technip for USD300 mln

May 23/2012

(Reuters) - Shaw Group Inc  took another step toward sharpening up the U.S. engineering company's focus by selling its energy and chemical (E&C) division to French oilfield services group Technip for USD300 million.

Shaw Chief Executive Jim Bernhard said exiting the business, which only moved back into profit this year, would allow the Baton Rouge, Louisiana-based company to pursue more opportunities in the primary industries it serves.

"Shaw will continue to focus our efforts on growing our leadership positions in our core business lines," Bernhard said in a statement.

Shaw said it would retain E&C staff in its Baton Rouge office as well as a consulting unit, and both would be moved into other divisions. Shaw will also retain its Toronto office, which was now under review, as well as obligations related to a nearly complete ethylene plant in southeast Asia.

Technip said Shaw would also retain all legacy engineering, procurement and construction contracts.

Author:Anna Larionova
Tags:PVC, PE, ethylene, neftehimiya.
Category:General News
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