Technip SA and Serimax, a welding subsidiary of steel pipe maker Vallourec SA, have reached an agreement in which France's Technip will take a minority 20% stake in Serimax, the companies said Jan. 11.
The firms did not disclose the value of the deal, but said it would offer integrated solutions to oil company clients who are facing financial constraints due to the oil price collapse and have to tighten capex.
"This partnership is part of Technip's strategic focus on technology, a key differentiator to contribute to costs optimization on projects," Hallvard Hasselknippe, president of Technip's subsea division said in a statement.
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