Press Releases - Corporate News


Paris, August 31, 2012

Technip completes acquisition of Stone & Webster process technologies and associated oil and gas engineering capabilities from The Shaw Group

Technip (NYSE Euronext Paris: TEC) announced today the completion of the Stone & Webster process technologies and associated oil and gas engineering capabilities acquisition.


This transaction, which was originally announced on May 21, 2012, creates a world-class downstream technology leader and will enable Technip to:



  • Enhance substantially its position as a technology provider to the refining and petrochemicals industries,

  • Diversify further its Onshore/Offshore segment, adding revenues based on technology supply,

  • Strengthen its relationships with clients worldwide, backed by the Stone & Webster reputation,

  • Expand in promising growth areas such as the US, where downstream markets will benefit from the supply of unconventional gas,

  • Add skilled resources, notably in research in the US, and engineering in the US, the UK and India.

To make the most of these strengths, a new business unit, Technip Stone & Webster Process Technology, will be developed within the Onshore/Offshore segment.


Thierry Pilenko, Chairman and CEO, commented:


"I am delighted to welcome a high-skilled team into the Technip family. By combining our talents, strong portfolios and leading edge execution capabilities, we will further differentiate ourselves through first-class downstream technologies, offer unique products and services, and deliver greater value for both our customers and shareholders."


Technip paid cash consideration of around €225 million from existing cash resources, which will be subject to customary price adjustments.


As previously stated, there will be no material impact on 2012 full year revenues and operating income with unchanged estimates in transaction and integration costs. Looking forward, the acquired business should generate margins above those of the Onshore/Offshore segment, while having a more robust and lower risk earnings profile.


Cautionary note regarding forward-looking statements


This statement contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events, and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects.
Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward-looking information set forth in this release to reflect subsequent events or circumstances.


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This statement does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this statement may not be relied upon in deciding whether or not to acquire Technip securities.


 


 


Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 30,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.




Analyst and Investor Relations


Kimberly Stewart: Tél. + 33 (0)1 47 78 66 74 kstewart@technip.com


Apollinaire Vandier: Tél. +33 (0)1 47 78 60 74 avandier@technip.com




Public Relations


Christophe Bélorgeot: Tél. +33 (0)1 47 78 39 92


Floriane Lassalle-Massip: Tél. + 33 (0)1 47 78 32 79 press@technip.com




Technip’s website


www.technip.com




Technip shares are listed on the NYSE Euronext Paris exchange and the USA over-the-counter (OTC) market as an American Depositary Receipt (ADR: TKPPY).