Technip has completed the previously announced sale of its diving assets in the US Gulf of Mexico to Ranger Offshore Inc.
As part of this transaction, Technip USA and Ranger Offshore have entered into a multiyear Diving Services Agreement covering Technip’s North America Region.
Ranger Offshore Inc. is a portfolio company of SunTx Capital Partners. Formed in 2008 and based in Houston, Texas, with operating centers located in Galveston and Lafayette, Louisiana, and Ciudad del Carmen, Mexico, Ranger Offshore provides marine and subsea construction support services for the offshore oil and gas industry.
Technip said: "This sale reinforces Technip’s strategy to focus on its core North America subsea business lines of high technology and ultra-deep water products and services, which, together with its approach of early involvement enables Technip to provide clients with optimized cost and schedule driven solutions."
Cash made from the divestment will be partially reinvested directly into the North America subsea business segment, specifically focusing on enhancements to its spoolbase located in Mobile, Alabama, and optimization of certain construction and pipelay vessels.