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| Technip to transfer the assets of Gulf Marine Fabricators Technip-Coflexip USA Holdings, Inc., U.S. affiliate of Technip, executed an asset purchase agreement with Gulf Island Fabrication, Inc. whereby Technip will sell to a Gulf Island Fabrication subsidiary the facilities, machinery and equipment of Gulf Marine Fabricators, a Technip affiliate located near Corpus Christi, Texas. In return, Technip will receive consideration of around $80 million: $40.0 million in cash and a minority ownership stake in Gulf Island Fabrication through the issuance of a fixed number of its common shares valued at approximately $40.0 million. This transaction will become effective subject to the satisfaction of closing conditions and a successful Hart-Scott-Rodino review. The parties have also entered into a cooperation agreement to work together on mutually agreed-upon EPC (engineering, procurement and construction) projects. write your comments about the article :: © 2005 Construction News :: home page |