TechnipFMC has decided to de-list from the Euronext Paris after selling off a chunk of its holding in spin-off firm TechnipEnergies.
The firm said it has refocused as a “pure-play technology and services provider” and that a single listing on the New York Stock Exchange best suits it going forward.
TechnipFMC completed a planned split with TechnipEnergies – the latter being focussed on engineering and construction – in February 2021.
A single-listing on the New York Stock Exchange will save costs and align TechnipFMC with its “most appropriate peer set” the company said in a statement.
Shares in the firm, whose principal place of business in now Houston, will trade on the Euronext until February 17, which is the last day prior to delisting.
Holders of shares on Euronext can keep them and trade until February 17, and thereafter through the facilities of the Depository Trust Company, or take part in a voluntary sales facility.
It comes as TechnipFMC sold 5% of its holding, representing nine million shares, in TechnipEnergies for £98million.
Bpifrance Participations and HAL Investments took 3.6million shares each, with TechnipEnergies acquiring the remaining 1.8million.
TechnipFMC still holds 7% of TechnipEnergies’ share capital. The firm is subject to a 30-day lock-up of its remaining shares in TechnipEnergies until February 9.