Remain Co and SpinCo are the two separate companies that will arise out of TechnicFMC.
TechnipFMC recently announced its board of directors had unanimously approved the plan to split into two independent, publicly traded companies with headquarters in Paris and Houston.
The separation will comprise RemainCo, a full-integrated technology and services provider focused on energy development, and SpinCo, an engineering and construction player.
“We are confident that the separation would allow both businesses to thrive independently within their sectors, enabling each to unlock significant additional value,” said TechnipFMC Chair and CEO Doug Pferdehirt.
Each company will focus on its respective strategies to enhance management, resources and capital as well as establishing investment profiles, specific customer bases and individual marketing opportunities.
Once established, RemainCo will have approximately 22,000 employees and be incorporated in the UK, headquartered in Houston and will maintain a listing on both the New York Stock Exchange and Euronext Paris Exchange.
Meanwhile, SpinCo will have approximately 15,000 employees and specifically target LNG opportunities; it will be incorporated in the Netherlands with its headquarters in Paris and listed on the Euronext Paris Exchange.
The transaction is subject to conditions, consultations, regulatory approvals and final board approval.
Completion is targeted for the first half of 2020.
For more information visit the TechnipFMC website.
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