French oil services firm Technip to buy US rival Global for $937 mn

Technip SA, Europe's second-biggest oil services company, today entered into a deal to buy US underwater oil services company Global Industries, for $937 million to expand in the underwater oil service business.

Carlyss, Louisiana-based Global is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide.

Originally established in the US Gulf of Mexico, Global with over 3,000 employees has expanded its areas of operations to include the Middle East and Mediterranean, Asia-Pacific and India, South America, and Mexico's Bay of Campeche. The company has expanded through a combination of acquisitions and organic growth into new markets.

For 2010, the company posted revenues of $568.1 million and a net loss of $95.7 million.

Operating in 48 countries, Paris-based Technip builds high-technology sub-sea equipment and platforms, and onshore mega-complexes for the oil, gas and petrochemical sectors. It operates in three segments: Subsea, Offshore and Onshore.

With 2010 revenues of more than €6 billion, Technip operates a fleet of 17 vessels and has 3 more under construction.