Technip Focuses on Deepest Subsea Developments

France-based Technip will sell its majority stake in Seamec to HAL Offshore. 

‘This divestment allows for the development of the Seamec business and HAL’s and is part of Technip’s strategy to concentrate on its core competencies involving deepest subsea complex, deepwater oil and gas developments,’ reads a note released on Tuesday. 

The company explained it intends to sell between 51% to 75% stake in India’s leading provider of Diving Support Vessel (DSV) based diving services, while remaining in the sub-continent. 

‘It allows Technip to continue to invest in and grow its business in India, where it employs nearly 3,000-strong workforce focusing on onshore and offshore technologies and projects as to grow in the exciting deepwater subsea sector,’ added the press release.