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TechnipFMC on track to separate into two companies

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LNG Industry,


TechnipFMC has released a statement reaffirming that its planned transaction to separate into two companies, TechnipFMC and Technip Energies, is on schedule for completion in 1H20.

The company is expecting to complete the transaction in 2Q20 and intends to host a Capital Markets event in Paris, France, for Technip Energies before completion of the spin-off.

In addition to this, TechnipFMC also announced that the EU Prospectus for the spin-off of Technip Energies will now include audited IFRS financial statements for Technip Energies for each of the fiscal years ended 31 December 2016 through 2019. In order to provide financial statements for the full year 2019, which will afford greater visibility into recent historical performance, TechnipFMC anticipates the release of its EU Prospectus after its annual filings (Annual Report on Form 10-K and U.K. Annual Report).

In addition to the approval of the EU Prospectus by the Dutch Authority for the Financial Markets (AFM), the company claims that the successful completion of the planned spin-off also remains subject to general market conditions, regulatory approvals, and final board approval. While awaiting receipt of all final approvals, TechnipFMC and its employees will remain focused on providing operational excellence and world class service to its clients.

Technip Energies (SpinCo)

With approximately 15 000 employees, Technip Energies will reportedly be one of the biggest E&C pure-plays, and is poised to capitalise on the global energy transition. According to the statement, Technip Energies will be well placed to capture LNG opportunities as a result of its disciplined project delivery model, diversified capabilities and track record. In addition to this, the new company will benefit from its leadership position, in terms of backlog, in the downstream market, as well as future growth opportunities in biofuels, green chemistry and other energy alternatives. Technip Energies will be incorporated in the Netherlands with headquarters in Paris and listed on the Euronext Paris exchange.

TechnipFMC (RemainCo)

With around 22 000 employees, TechnipFMC will be a fully-integrated technology and services provider, continuing to drive energy development. The company’s role will be to support clients in the delivery of unique, integrated production solutions. As a standalone company, TechnipFMC will reportedly be the largest diversified pure-play in the industry. It will remain incorporated in the UK, with headquarters in Houston, and listed on both the NYSE and Euronext Paris exchange.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17012020/technipfmc-on-track-to-separate-into-two-companies/

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