Photo: Courtesy: TechnipFMC

TechnipFMC split set to wrap up in Q1

TechnipFMC has relaunched its plan to split into two publicly traded companies aiming to complete the proceedings in the first quarter of 2021.

Initial separation was put off in March last year due to the COVID-19 pandemic.

As reported earlier, the move will result in TechnipFMC, a fully integrated technology and services provider; and Technip Energies – engineering and technology player.

The split should enhance TechnipFMC’s and Technip Energies’ focus on their strategies and provide both improved flexibility and growth opportunities.

The transaction structures as a spin-off of a majority stake in TechnipFMC’s Technip Energies segment.

Doug Pferdehirt, chairman and CEO of TechnipFMC, stated, “The increased clarity we now have in the market outlook coupled with our demonstrated ability to successfully execute projects in this most challenging period give us confidence to move forward with the separation. We continue to believe this action would allow both businesses to thrive independently within their sectors, enabling each to unlock significant shareholder value.”

Bpifrance, which has been a substantial shareholder of TechnipFMC since 2009, intends to invest $200 million in Technip Energies by acquiring shares from TechnipFMC’s retained stake in Technip Energies.

Shares received by Bpifrance for the new investment would be in addition to those it will receive as a current shareholder of TechnipFMC. As a result, Bpifrance will become a long-term reference shareholder of Technip Energies, supporting its energy transition-focused strategy.

Post-separation

Doug Pferdehirt, chairman and CEO of TechnipFMC, and Maryann Mannen, executive vice president and CFO of TechnipFMC, will continue to serve in their roles following the separation.

TechnipFMC will remain incorporated in the United Kingdom with headquarters in Houston and listings on both the NYSE and Euronext Paris.

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Technip Energies will be incorporated in the Netherlands with its headquarters in Paris. Technip Energies’ listing will be on Euronext Paris, with Level 1 ADRs that will trade over-the-counter in the United States.

Arnaud Pieton, who currently serves as president Technip Energies, will serve as CEO. Bruno Vibert will serve as CFO, and Marco Villa will serve as COO.