Technip Surges on Brazil Oil Pipe-Making Expansion Plans

Technip SA surged after Europe’s second-largest oilfield-services provider announced a plan to increase pipe manufacturing in Brazil, where development of offshore hydrocarbon reserves is set to expand.
Technip plans to start building a manufacturing plant this year at Angra dos Reis, located near the pre-salt basins, according to a statement yesterday. The factory will focus on “high-end” products and this year’s planned work at the site will cost 30 million euros ($41 million).
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Source: Bloomberg