The transaction is expected to be structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies segment. The separation is expected to be completed in 1Q21, subject to customary conditions and regulatory approvals.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated: “We are very excited to announce the resumption of activities related to the separation and the creation of two industry-leading diversified pure-play companies poised to capitalise on the energy transition. 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, is committed to support the transaction and intends to invest US$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.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/08012021/technipfmc-resumes-separation-into-two-publicly-traded-companies/
You might also like
Chariot Limited’s acreage offshore Morocco includes the 18 Bcm (gross) Anchois gas development and significant exploration prospectivity.