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Comment Business & Economics

Shaw to sell Energy & Chemicals Group to Technip  

By Gerald Ondrey |

The Shaw Group Inc. (Baton Rouge, La.; www.shawgrp.com) has entered into a definitive agreement to sell substantially all of its Energy & Chemicals business to Technip (Paris, France; www.technip.com). Under the terms of the agreement, Technip will acquire substantially all of the business of the Energy & Chemicals Group for approximately $300 million in cash consideration, subject to adjustment based on the Energy & Chemicals Group’s debt and working capital levels at closing. According to Technip, the acquisition is the Stone & Webster process technologies and the associated oil-and-gas engineering capabilities. Shaw will retain Energy & Chemicals Group personnel in its Baton Rouge office, which will be integrated into the company’s Plant Services Division, as well as Shaw Consulting International Inc., which will be incorporated into Shaw’s Environmental & Infrastructure Group. Shaw also will retain its Toronto-based operations and is reviewing options regarding future plans for this office. Additionally, Shaw will maintain its obligations under an engineering, procurement and construction contract associated with a large ethylene plant in southeast Asia that is now approximately 98% complete. Shaw…
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