TechnipFMC Resumes Plan to Split in Two

January 7, 2021

(Photo: TechnipFMC)

Franco-American oil services firm TechnipFMC Plc said on Thursday it resumed its plan to split itself into two, after delaying the move in March.

The group, created nearly four years ago via the merger of Technip and FMC, had been planning to separate its engineering and construction activities from its upstream oil services business.

However, it put the plan on hold, citing turbulence in financial markets due to the coronavirus outbreak. It said in March the rationale for the spin-off remained unchanged and that it would continue preparations in order to be ready to go ahead with the move once markets recover.

(Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)