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TechnipFMC completes planned split

© TechnipFMCTechnip Energies russia ukraine
TechnipFMC and Technip Energies split in February 2021.

TechnipFMC has completed its promised spin-off transaction to create two independent, publicly traded companies.

TechnipFMC is now an out-and-out technology and services company while Technip Energies will focus on engineering and construction.

In connection with the separation, the Technip Energies technical reference price was set at €9.00 (£7.84) ahead of its direct listing on the Euronext Paris Exchange.

It will trade under the symbol TE.

The energy services giant revealed in January that it had resumed the separation process after Covid-19 delayed the plans, which were initially tabled in August 2019.

TechnipFMC will have around 21,000 employees worldwide, while Technip Energies will employ around 15,000 people.

The firm is expected to continue operating under the TechnipFMC banner in Aberdeen, where it employs around 1,000 people.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated: “I am delighted to announce the successful completion of the separation transaction.

“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 separation procedure, Simon Eyers has today joined Technip Energies’ Board of Director.

He previously served as managing director of Warburg Pincus International from 2012 to 2018 focusing on energy investments, and as a Senior Advisor until the end of 2020 after retiring from his full-time role.

In addition to being a founding partner of 4D Global Energy Advisors, a private equity firm based in Paris specializing in the energy sector, Mr Eyers also held executive leadership roles in various technology ventures and worked 13 years in energy investment banking at SG Warburg & Co, Goldman Sachs and Credit Suisse First Boston Europe.

Arnaud Pieton, CEO of Technip Energies: “We are pleased to welcome Simon Eyers to the Technip Energies Board. 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.”

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