(upstreamonline) -- France’s
Technip has snapped up the energy and chemical division of US engineering
company Shaw Group in a EUR225 million (USD287.7 million) deal.
said it was acquiring Stone & Webster Process Technologies and the
associated oil and gas engineering capabilities from Shaw, and will take on the
divisions 1200 engineers, researchers and project teams.
Stone & Webster generates revenues from technology licensing, process
design engineering, early-stage and front-end engineering, project management
consulting and the supply of equipment.
Its revenues, pro-forma and annualised, are currently about EUR220 million,
according to Technip which it said would double its own revenue it generates
from the type of activity performed by Stone & Webster to about EUR400
million, on a pro-forma basis.
The French company said the acquisition would enhance its position as a
technology provider to the refining and petrochemicals industries, while
diversifying it onshore and offshore segment, as well as add revenues based on