Technip, FMC Technologies tie knot
PARIS, May 19, 2016 – French engineering giant Technip and US oilfield services equipment provider FMC Technologies announced a memorandum of understanding about a merger on Thursday. The proposed deal will create an entity with an equity value of USD 13 billion.
The to-be-created company, known as TechnipFMC, will emphasise subsea, surface and onshore/offshore services, building on the respective strengths of the two companies. Future chairman of the combined entity and current Technip chairman and CEO Thierry Pilenko said the companies had “complimentary skills, technology and customers,” and would henceforth be able to add more value. Doug Pferdehirt, president and COO of FMC Technologies, said the merger would create a more “broadened portfolio” and “a unique set of integrated technologies and competencies.”
TechnipFMC employs some 49,000 across 45 countries. Its combined revenue amounts to USD 20 billion, as does its consolidated backlog. Technip and FMC Technologies hope to realise USD 400 million in yearly pretax cost savings by 2019.
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