Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Technip To Sell Majority Stake In Seamec To HAL Offshore

|Includes:Technip (TNHPF)

Technip has entered into an agreement to sell a majority stake (51%-75%) in Seamec to HAL Offshore at a consideration of INR 97 (US$1.6) per share. The sale consideration will amount to $28 million for 51% stake and up to $40 million for 75% stake.

Seamec is an Indian company providing diving support vessel (DSV) based diving services globally. It owns and operates a fleet of five DSVs for providing support services including marine, construction and diving services to offshore oilfields. Technip through its wholly owned subsidiary, Coflexip Stena Offshore Mauritius owns 75% equity stake in Seamec.

In Dec-2013, Technip secured a $400 million worth contract from Kuwait Oil Company for project management and engineering consultancy services.

In Oct-2012, Murphy Exploration awarded Technip a lump sum contract for the development of the Dalmatian field in GoM.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: TNHPF