TechnipFMC PLC said it remains on track to complete its previously announced plan to split into two companies in the first half of the year.

The oilfield services provider expects to complete the transaction in the second quarter, according to a Jan. 16 news release.

The transaction will be structured as a spinoff of TechnipFMC's onshore/offshore segment and will be headquartered in Paris. Technip Energies, or SpinCo., will be an engineering and construction pure-play entity, while TechnipFMC, or RemainCo., will be a fully integrated technology and services provider.

TechnipFMC's plan to separate into two companies is still subject to general market conditions and regulatory and board approvals, along with the Dutch Authority for the Financial Markets' approval of the company's European Union prospectus.