Technip chairman and chief executive Daniel Valot said: "Technip and Coflexip share a common strategic vision on the future of the oil service market. We are convinced that together the teams of both companies will be able to build a world-class firm that will meet the expectations both of clients and shareholders."
As a precursor to the main deal Technip will first acquire French company Isis, which owns 17% of Coflexip, through a 12-for-11 share swap valued at $650 million.
