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