FMC Technologies and Technip to are to merge into ‘TechnipFMC.’ The new surface/subsurface and onshore/offshore engineering behemoth had combined 2015 revenue of $20 billion, ebitda of $2.4 billion and a $20 billion backlog in March 2016. In an all-stock transaction, Technip shareholders will receive 2 shares of the combined company for each Technip share while FMC’s shareholders get one share of the combined unit for each of their shares. The transaction builds on a prior joint venture, Forsys Subsea.
The combined company has some 49,000 employees in 45 countries, although some $400 million annual cost synergies are announced. Technip chairman and CEO Thierry Pilenko becomes executive chairman of TechnipFMC while FMC Technologies’ president and COO Doug Pferdehirt becomes CEO. The new company will have three ‘operational headquarters,’ in Paris under Pilenko, in Houston under Pferdehirt and in London, where the new corporation will be domiciled. A Technip spokesperson told Reuters, ‘There is no reason why Brexit should impact the deal.’ A global integrated R&D center will be located in France.
© Oil IT Journal - all rights reserved.