LONDON, PARIS, and HOUSTON – TechnipFMC plc has resumed activities toward its planned separation into two independent, publicly traded companies: TechnipFMC, a fully integrated technology and services provider; and Technip Energies, an engineering and technology player.
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 1Q 2021, subject to customary conditions and regulatory approvals.
The company intends to distribute 50.1% of the outstanding shares in Technip Energies to existing TechnipFMC shareholders on a pro rata basis. TechnipFMC will retain ownership of the remaining 49.9% of Technip Energies’ outstanding shares as of the distribution date.
Technip Energies will be incorporated in the Netherlands with its headquarters in Paris. Its listing will be on Euronext Paris, with Level 1 ADRs that will trade over-the-counter in the US.