Global Industries and Technip have signed a definitive merger agreement, by which Technip will purchase Global in an all cash merger.

The companies’ merger agreement has been approved by Global’s Board of Directors.

Under the agreement, Global stockholders will get $8 in cash for each share of Global’s common stock.

The transaction values Global at an enterprise value of about $1,073m, including Global’s nearly $136m of net debt, and is expected to be completed in early 2012.

The management teams of Global and Technip expect to work closely together to develop an integration plan.

Global CEO John Reed said the merger of two companies will provide the company’s customers with an unrivaled execution capability, combining Technip’s leading, integrated subsea capabilities with Global’s G1200 and G1201, complementary market presence and skills and knowhow in SLay and heavy lift.

Completion of the transaction is subject to certain customary closing conditions, including, among other things, approval of Global’s stockholders and receipt of certain regulatory approvals.

Global is a solutions provider of offshore construction, engineering, project management and support services to the oil and gas industry globally.