Oilfield service provider TechnipFMC PLC said its board of directors approved a plan to separate into two publicly traded companies called RemainCo. and SpinCo., according to an Aug. 26 release.
The transaction will be structured as a spinoff of Technip's onshore/offshore segment and will be headquartered in Paris.
SpinCo. will be an engineering and construction pure-play firm with approximately 15,000 employees. The firm will be incorporated in the Netherlands, headquartered in Paris and will be listed on the Euronext Paris Exchange. It will be comprised of the onshore/offshore segment and will include front end engineering design provider Genesis, cryogenic material transfer products provider Loading Systems and process automation provider Cybernetix.
Technip's president of new ventures, Catherine MacGregor, will serve as SpinCo.'s CEO while Bruno Vibert and Marco Villa will serve as CFO and COO, respectively.
RemainCo. will be a fully integrated technology and services provider with 22,000 employees. The company will be incorporated in the U.K., headquartered in Houston and will be listed on both the NYSE and the Euronext Paris Exchange. Technip Chairman and CEO Doug Pferdehirt and Executive Vice President and CFO Maryann Mannen will continue serving in their roles following the separation.
The separation is expected to be completed in the first half of 2020, subject to customary conditions, consultations and regulatory approvals, at which time all outstanding shares of SpinCo. will be distributed to existing shareholders of TechnipFMC, the company said.
