TechnipFMC has reaffirmed that its planned transaction to separate into two companies is all set for completion in the second quarter of this year. Credit: Copyright TechnipFMC.

Oilfield services firm TechnipFMC has reaffirmed the timeline for its planned split into two separate diversified pure-play entities.

The company said that the transaction is progressing towards completion in the first half of this year.

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TechnipFMC said: “The company anticipates completing the transaction in the second quarter of 2020 and intends to host a Capital Markets event in Paris for Technip Energies before completion of the spin-off.”

TechnipFMC was formed in 2017 via a merger between France’s Technip and US FMC Technologies. It announced separation plans in August.

It will split into TechnipFMC (RemainCo) and Technip Energies (SpinCo). One firm will focus on upstream activities, the other on midstream and downstream.

TechnipFMC also said: “Technip Energies will be well-positioned to capture LNG opportunities as a result of its disciplined project delivery model, diversified capabilities and track record.

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“In addition, 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 (SpinCo) will be formed as an engineering and construction (E&C) firm with around 15,000 employees, incorporated in the Netherlands and headquartered in Paris.

The RemainCo will retain the TechnipFMC name and have 22,000 employees. It will remain incorporated in the UK, with headquarters in Houston.

Completion is subject to the approval of the EU Prospectus by the Dutch Authority for the Financial Markets (AFM). It is also subject to general market conditions, other regulatory approvals and approval from the final board.