Technip has signed an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc., according to a news release.
Technip’s strategy focuses on high technology and ultradeep water products and services.
Proceeds from this divestment will be partially reinvested directly into Technip's subsea business, specifically focusing on improvements to the rigid pipe fabrication facility (spoolbase) in Mobile, Alabama, Technip said in the release. As part of this transaction, Technip and Ranger Offshore have entered multiyear diving services agreements covering Technip’s North America Region.
The closing of the sale is estimated to occur during fourth-quarter 2014.
ABB’s board of directors and Ulrich Spiesshofer have mutually agreed for him to step down from his role as CEO, which he has held since 2013, the company said on April 17.
The total capital investment of the Project is over $150 million, and there will be up to 250 people employed at the site during the height of construction activity.
Top oilfield services provider Schlumberger reported a drop in quarterly profit, hit by weak demand for its equipment and services from oil producers under pressure to rein in spending.