French TechnipFMC Completes Split

London-listed engineering group TechnipFMC  announced on February 16 it had completed the separation of its engineering and construction activities from its services and technology business.

TechnipFMC resumed its separation plans in January, after putting the process on hold for nearly a year in light of the coronavirus pandemic. TechnipFMC has retained services and technologies, while the newly-formed Technip Energies now handles engineering and construction.

In connection with the separation, Technip Energies' technical reference price was set at €9.00 ($10.9) ahead of its direct listing on the Euronext Paris Exchange, where it will trade under the TE symbol. TechnipFMC is keeping some 21,000 employees worldwide, while Technip Energies employs 15,000.

"I am delighted to announce the successful completion of the separation transaction," TechnipFMC CEO Doug Pferdehirt commented. "As the market leader and industry’s only fully integrated pure-play, we are uniquely positioned to transform our clients’ project economics, helping them to unlock traditional and new energy resources while reducing carbon intensity and supporting their energy transition ambitions."

As part of the split, Simon Eyers has joined the board of directors of Technip Energies, having previously worked as managing director of Warburg Pincus International between 20201 and 2018, focusing on energy investments, and as a senior advisor until the end of last year.

"We are pleased to welcome Simon Eyers to the Technip Energies board," Technip Energies CEO Arnaud Pieton said. "Simon’s deep understanding of global energy markets and strong experience with the development of new technologies will be invaluable as we grow our business in the future."

TechnipFMC scored a tie-back contract this week for an Energean-led offshore Egyptian project, while Technip Energies was hired by Qatar Petroleum earlier this month to build the onshore facilities of the North Field East development.