Paris-based Technip acquired Global Industries, a subsea construction firm with corporate headquarters in Carlyss, in a deal valued at $907 million.
Technip will pay $8 per Global Industries share or 55 percent more than the stock’s closing price on Friday. Technip said the deal will reinforce its leadership in the fast-growing subsea segment of oil services. Technip expects the deal will expand its share of the market by around 30 percent, cut costs by $30 million and increase Technip’s per share earnings by 5 percent to 7 percent.
“The acquisition of Global Industries reinforces Technip’s leadership in Subsea, one of our three market segments alongside Onshore and Offshore,” Thierry Pilenko, chairman and chief executive officer of Technip, said in a news release.
“The subsea market looks likely in 2011 to show a record amount of orders for our industry and our own backlog at end-June 2011 is above its previous peak.”