France: Technip and PETRONAS Subsidiaries Agree to Establish a Strategic Business Collaboration
Technip announces today that it has agreed with MISC(1) and MHB(2), subsidiaries of the Malaysia National Oil Corporation Petroliam Nasional Berhad (PETRONAS) to establish a long-term strategic collaboration.
The areas of collaboration would initially involve working jointly on onshore and offshore projects, designing and building offshore platforms, exchanging expertise and developing technology.
To cement this collaboration, Technip, as a strategic investor, would take a minority stake in MHB representing between 8 and 9.9% on its proposed listing during the second part of this year.
Technip and MHB’s subsidiary MMHE(3) have worked together previously and are currently co-contractors for PETRONAS’ onshore and offshore facilities in Asia.
For Technip, this investment and collaboration would further expand its portfolio of activities and services, in line with its strategic goals. This would also extend Technip’s local content and reinforce its position in the fast growing Asia Pacific region.
Source: technip, August 20, 2010;