TechnipFMC separation on track for completion in first half of 2020
Oilfield services provider TechnipFMC has reaffirmed that its planned transaction to separate into two companies, TechnipFMC and Technip Energies, is well on track for completion in the first half of 2020.
The board of directors of TechnipFMC unanimously approved the company’s plan to separate into two independent, publicly-traded companies in August 2019.
TechnipFMC anticipates completing the transaction in the second quarter of 2020 and intends to host a Capital Markets event in Paris for Technip Energies before completion of the spin-off, the company said on Friday.
The company also announced that the E.U. Prospectus for the spin-off of Technip Energies will now include audited IFRS financial statements for Technip Energies for each of the fiscal years ended December 31, 2016 through 2019. In order to provide financial statements for the full year 2019, which will afford greater visibility into recent historical performance, the company anticipates the release of its E.U. Prospectus after its annual filings.
In addition to the approval of the E.U. Prospectus by the Dutch Authority for the Financial Markets (AFM), the successful completion of the planned spin-off also remains subject to general market conditions, regulatory approvals, and final board approval.
Technip Energies (SpinCo)
With approximately 15,000 employees, Technip Energies would be one of the largest E&C pure-plays and is poised to capitalize on the global energy transition, the company said.
Technip Energies will be well positioned to capture LNG opportunities as a result of its project delivery model, diversified capabilities, and track record.
In addition, the new company will benefit from its leadership position, in terms of backlog, in the downstream market, as well as future growth opportunities in biofuels, green chemistry, and other energy alternatives.
Technip Energies will be incorporated in the Netherlands with headquarters in Paris and listed on the Euronext Paris exchange.
With approximately 22,000 employees, TechnipFMC would be a fully-integrated technology and services provider, continuing to drive energy development.
The company’s role will be to support clients in the delivery of unique, integrated production solutions.
As a standalone company, TechnipFMC will be the largest diversified pure-play in the industry, according to TechnipFMC.
TechnipFMC will remain incorporated in the United Kingdom with headquarters in Houston and listed on both the NYSE and Euronext Paris exchange.
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