Technip has sold 100% of its North American diving assets to Ranger Offshore.
The service company credited a strategic shift in focus towards high technology and ultra-deepwater products for the reasoning behind the massive offload.
Technip will now reinvest the deal’s undisclosed sum into its subsea business strand. Part of the funds will be siphoned off to improve its rigid pipe fabrication facility in Mobile, Alabama.
The deal is expected to close in the final quarter of this year.