TechnipFMC announced on Monday the completion of its spin-off transaction to create two industry leading, independent, publicly traded companies, TechnipFMC and Technip Energies.
In connection with the separation, the Technip Energies technical reference price was set at €9.00 ahead of its direct listing on the Euronext Paris Exchange where it will trade under the symbol “TE”.1
“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,” Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated.
The transaction is structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies segment in the form of a share dividend pursuant to which holders of TechnipFMC shares will receive shares of Technip Energies.
TechnipFMC has been awarded contracts by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. for the engineering of the subsea systems for the Liza Phase 1, 2 and Payara Development projects.
