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Technip Acquires Subocean Group

Source: www.gulfoilandgas.com 1/31/2011, Location: Europe

Technip announced it has acquired all of the assets of Subocean Group, a UK based subsea cable-installation company, working in the Marine Renewables sector. The acquisition, which is effective today, will contribute to Technip's strategy to develop a leading position in the renewables market in the coming years, focusing on offshore wind services.

Technip will take on around 300 employees, land-based assets and the operations of some key contracts in backlog, and will therefore become a leading player in offshore wind cable-installation. Technip will bring its extensive project management expertise and more than 30 years experience operating in the North Sea. The acquisition builds on Technip's track record in wind energy, which includes delivery of Hywind, the world's first full scale, floating wind turbine. Technip's upfront investment will be around 10 million.

Technip's ambitions in the offshore wind sector were announced in early 2010 when it launched its operating centre in Aberdeen, UK as its headquarters for all European Offshore Wind projects.

Ron Cookson, Managing Director, Technip UK said: "We are very pleased to have been able to capitalize upon the high potential renewables market and look forward to welcoming Subocean into the Technip Group."

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