The transaction is structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies segment in the form of a share dividend pursuant to which holders of TechnipFMC shares will receive shares of Technip Energies.
Subject to satisfaction of customary conditions and receipt of regulatory approvals, the last day of trading of TechnipFMC shares that include the right to receive Technip Energies shares on the New York Stock Exchange (NYSE) and Euronext Paris stock exchange (Euronext Paris) will be 12 February 2021 and 15 February 2021, respectively. TechnipFMC shares would then commence trading on a standalone basis on NYSE and Euronext Paris on 16 February 2021.
TechnipFMC has established 16 February 2021 as the distribution date and 5:00 p.m., New York time, on 17 February 2021 as the record date. On the Distribution Date, TechnipFMC shareholders on the Record Date will be eligible to receive, based on the expected distribution ratio, one Technip Energies share for every five TechnipFMC shares.
Technip Energies will become an independent public company and no longer part of TechnipFMC at 9:00 a.m. CET on the ex-date, 16 February 2021, which is the dividend detachment date in respect of the Distribution of the Technip Energies shares. Accordingly, Technip Energies shares will commence trading on an if-and-when-delivered (conditional upon delivery) basis on Euronext Paris at market open at 9:00 a.m. CET on 16 February 2021, with delivery on 23 February 2021. Regular trading in the Technip Energies shares on Euronext Paris will start at 9:00 a.m. CET on 19 February 2021.
Technip Energies intends to establish a sponsored American Depositary Receipt (ADR) programme in the United States as of the Payment Date. Trading of the ADRs is expected to commence on the over-the-counter market upon approval and announcement by the Financial Industry Regulatory Authority, Inc. (FINRA).
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The November/December issue of Oilfield Technology begins by reviewing the state of the North Sea before moving on to cover a range of topics, including Drilling Technologies, Deepwater Operations, Flow Control.
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