TechnipFMC: will group split in February?
(CercleFinance.com) - This morning, Les Echos says that TechnipFMC's split is set to be completed next February.
According to the paper, the French entity should take the name of Technip Energies, with the date set on 14 February. Meanwhile, the US entity is expected to keep the name of TechnipFMC says Aurel BGC.
The group's employees and politicians in France fear that the French entity will be too weak to be sustainable, analysts say.
Remember that the group wants to split most of the engineering and construction division, also called E&C or "midstream". The US-French oil services group would thus concentrate on upstream services for oil and gas.
Currently called "SpinCo" (about 15,000 employees), a new entity comprising most of the Onshore/Offshore business, i.e. the engineering and construction of hydrocarbon processing plants (including LNG), would be separated from TechnipFMC. Registered in the Netherlands, it would be managed and listed on the Paris stock exchange.
The rest of TechnipFMC, which is currently called "RemainCo" (about 22,000 employees), will remain registered in the United Kingdom, as has been the case since the merger of the French group Technip and the American FMC, in early 2017. The future group will retain most of TechnipFMC's Subsea and Surface Technologies divisions, covering systems and services for oil and gas exploration and production. It would be run from Houston.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
According to the paper, the French entity should take the name of Technip Energies, with the date set on 14 February. Meanwhile, the US entity is expected to keep the name of TechnipFMC says Aurel BGC.
The group's employees and politicians in France fear that the French entity will be too weak to be sustainable, analysts say.
Remember that the group wants to split most of the engineering and construction division, also called E&C or "midstream". The US-French oil services group would thus concentrate on upstream services for oil and gas.
Currently called "SpinCo" (about 15,000 employees), a new entity comprising most of the Onshore/Offshore business, i.e. the engineering and construction of hydrocarbon processing plants (including LNG), would be separated from TechnipFMC. Registered in the Netherlands, it would be managed and listed on the Paris stock exchange.
The rest of TechnipFMC, which is currently called "RemainCo" (about 22,000 employees), will remain registered in the United Kingdom, as has been the case since the merger of the French group Technip and the American FMC, in early 2017. The future group will retain most of TechnipFMC's Subsea and Surface Technologies divisions, covering systems and services for oil and gas exploration and production. It would be run from Houston.
Copyright (c) 2019 CercleFinance.com. All rights reserved.