Technip and FMC Technologies Agree to Merge
Technip and FMC Technologies have agreed to merge in to one company, named TechnipFMC. For this, the companies have entered into a Memorandum of Understanding (MOU). The combined company will offer solutions in Subsea, Surface and Onshore/Offshore to reduce the cost of producing and transforming hydrocarbons. John Gremp, Chairman and Chief Executive Officer of FMC Technologies, said, “This is a compelling combination that will create significant additional value for clients and all shareholders, by expanding the success that FMC Technologies and Technip have achieved through our alliance and joint venture, to capitalise on new opportunities and drive accelerated growth.”
Thierry Pilenko, Technip Chairman and Chief Executive Officer, who will serve as Executive Chairman of TechnipFMC, stated, “Technip and FMC Technologies both have long track records of innovation and commitment to helping their clients meet the challenges of the oil and gas industry. We have complementary skills, technologies and capabilities which our customers can access on an integrated basis or separately as they prefer.” Doug Pferdehirt, President and Chief Operating Officer of FMC Technologies, who will serve as the CEO of TechnipFMC, added, “We look forward to rapidly bringing together the outstanding employees and cultures of both companies, as well as the complementary capabilities of our organisations, to position the combined company at the forefront of a new generation of solutions for the oil and gas industry.”
The new organisation with more than 49,000 employees, will be operating in over 45 countries. It will have its operational headquarters in Paris, France, (where the Executive Chairman will have his principal office), in Houston, Texas, USA (where the CEO will have his principal office) and in London, United Kingdom (where the Forsys Subsea JV is headquartered and the new corporation will be domiciled). The global Integrated Research and Development center will be located in France and is expected to grow as it drives innovation and technology throughout the new company.