ABB acquires leading supplier of deepwater floating systems in oil & gas sector

Han-Padron unit extends ABB’s in-house expertise in deepsea oil and gas technologies

Zurich, Switzerland, May 26, 1998 -- ABB, the international engineering company, announced today it has acquired the deepwater division of U.S.-based Han-Padron Associates. The company, based in Houston, Texas, is a world leader in the development and deployment of deepwater floating systems for the offshore oil and gas industry. The business employs about 100 highly specialized engineers.

The acquisition completes ABB’s capabilities as a single-source supplier for the full range of subsea and floating oil and gas services in deepwater. ABB now offers a range of services from conceptual design through engineering, procurement, construction (EPC) as well as installation. Han-Padron has designed more than half of the world’s tension leg platforms, a type of offshore platform specially designed for operation in deep waters. The company also has expertise in several other floating oil and gas production technologies.
ABB’s global oil, gas and petrochemical business, with orders in 1997 of more than US$ 3 billion, develops and supplies refineries, composite petrochemical plants and offshore installations worldwide. The ABB Group employs approximately 213,000 people with orders in 1997 of about US$ 35 billion. (End)

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