By the OGJ Online Staff
HOUSTON, Oct. 12 -- Saipem SPA, a unit of Italian company ENI SPA, acquired the remaining 50% of European Marine Contractors Ltd. from Dallas-based Halliburton Co.'s Brown & Root unit.
The deal, which is subject to antitrust scrutiny, gives Saipem 100% interest in the North Sea pipeline market specialist.
Saipem said the price is $115 million, which may increase as much as $27.5 million, depending on a formula linked to the Oil Service Index.
The company said the acquisition will give it control over EMC's vessels, including semisubmersible pipelay vessels Castoro Sei and Semac, and will enhance its capabilities in the deepwater trunklines market.
Saipem intends to move some of the EMC vessels from the North Sea to other regions, such as Southeast Asia, where it anticipates "strong recovery."
