RemainCo and SpinCo will be the two independent, publicly traded companies that arise following the separation of TechnipFMC.
TechnipFMC’s board of directors have unanimously approved the plan to split into two separate companies.
The separation will comprise of RemainCo, a fully-integrated technology and services provider focused on energy development, and SpinCo, an engineering and construction player.
Following the separation, each company will focus on its respective strategies to enhance its management, resources and capital, while also establishing investment profiles, specific customer bases and individual marketing opportunities.
“We are confident that the separation would allow both businesses to thrive independently within their sectors, enabling each to unlock significant additional value,” said TechnipFMC Chairman and CEO Doug Pferdehirt.
Once established, RemainCo will comprise approximately 22,000 employees, while SpinCo will have approximately 15,000 employees and will specifically target LNG opportunities.
RemainCo will be incorporated in the United Kingdom, headquartered in Houston and will maintain a listing on both the New York Stock Exchange and Euronext Paris Exchange.
SpinCo will be incorporated in the Netherlands with its headquarters in Paris and listed on the Euronext Paris Exchange.
The separation of TechnicFMC is expected to be structured as a spin-off of their onshore/offshore segment, headquartered in Paris.
The transaction is aiming for completion in the first half of 2020, subject to the necessary customary conditions, consultations, regulatory approvals and final board approval.
For more information visit the TechnicFMC website.
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