TechnipFMC has completed a spin-off transaction to create two publicly traded companies, TechnipFMC and Technip Energies.
The company had announced the separation plan last year, however the Covid-19 pandemic had delayed the process which restarted last month.
Doug Pferdehirt, chairman and CEO of TechnipFMC, commented: “I am delighted to announce the successful completion of the separation transaction. As the market leader and industry’s only fully integrated pure-play, we are uniquely positioned to transform our clients’ project economics, helping them to unlock traditional and new energy resources while reducing carbon intensity and supporting their energy transition ambitions.”
TechnipFMC will continue as a service provider to the traditional and new energies industry, while Technip Energies will focus on engineering and technology for the energy transition with leadership positions in LNG, hydrogen and ethylene.
TechnipFMC is retaining 49.9% ownership of the new spinoff, which will be led by CEO Arnaud Pieton.