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Technip buys Stone & Webster

May 29/2012

(upstreamonline) -- Frances Technip has snapped up the energy and chemical division of US engineering company Shaw Group in a EUR225 million (USD287.7 million) deal.

Technip 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 technology supply.
Author:Anna Larionova
Tags:oil, neftehimiya.
Category:General News
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