Anticipated split will create two publicly traded companies.
The French half of Houston and Paris oil field service company TechnipFMC has revealed its new company name months ahead of an anticipated split that will create two publicly traded companies.
Photo: TechnipFMC
Created by the July 2017 merger of Paris-based Technip and Houston-based FMC Technologies, TechnipFMC announced in August that the company will be split into two independent and publicly traded companies that were given the placeholder names RemainCo and SpinCo.
In a statement released early Wednesday morning, TechnipFMC announced that SpinCo will be renamed as Technip Energies, a nod to the company’s history and its future in a transition to cleaner sources of power.
Technip Energies will be headquartered in Paris where it will become an engineering, procurement and construction company specializing in onshore and offshore liquefied natural gas facilities.
In an internal letter sent to all employees, Technip Energies CEO-elect Catherine MacGregor wrote that the new name highlights the company’s “ambition to play a key role in driving the global energy transition.”
TechnipFMC CEO Doug Pferdehirt will remain as CEO of RemainCo. Headquartered in Houston, RemainCo will keep the name TechnipFMC — at least for now — and focus on production equipment and services for offshore, shale and other onshore projects.
The combined company has more than 37,000 employees in nearly 50 nations but an estimated 15,000 employees are expected to become employees of Technip Energies after the split.
The merged company posted a $1.9 billion loss on $12.6 billion of revenue in 2018 but the split is expected to create two profitable companies.
