French EPC major in the oil sector Technip today said it has decided to divest majority of its stake in Seamec to HAL Offshore for up to Rs 246.62 crore.
The stake in Seamec is held by Technip's fully-owned subsidiary Coflexip Stena Mauritius.
The company is planning to sell anything between 51 and 75 per cent of its stake in Seamec, Technip said in a statement.
It added that the deal involves sale of shares at Rs 97 a apiece. At this price, HAL Offshore has to shell out Rs 247 crore for 75 per cent of Technip in Seamec.
Seamec is a leading provider of diving support vessel based diving services globally.
Technip employs nearly 3,000-strong workforce in the country, focusing on onshore and offshore technologies and projects so as to grow in the exciting deepwater subsea sector.
The divestment is a part of Technip's strategy to concentrate on its core competencies involving deepest subsea complex, deepwater oil and gas developments.
HAL Offshore is an end to end solution provider of underwater services and EPC services to the domestic oil and gas industry. It owns two multi-purpose supply & support vessels and part of the MM Agrawal group, which is into bottling and marketing of soft drinks under license from Coca-Cola, hospitality, realty.
Technip is a world leader in project management, engineering and construction for the energy industry.
Ambit Corporate Finance is the exclusive financial adviser to Technip on the transaction.