FMC Technologies Inc. of Houston, Texas, US, and Technip, of Paris, France, will combine to form TechnipFMC, in a move the two companies said will create a “comprehensive and flexible offering across each market from concept to project delivery and beyond.”
The companies have entered into a memorandum of understanding (MoU) and said in a joint statement that they expect to execute a definitive business combination agreement to combine the companies in an all-stock merger transaction. The resulting TechnipFMC will be valued at $13 billion (based on pre-announcement stock prices).
Thierry Pilenko, TechnipÂ’s Chairman and CEO, will serve as Executive Chairman of TechnipFMC. Doug Pferdehirt, President and COO of FMC Technologies, will serve as CEO of TechnipFMC.
The group will organize its activities into five business units covering Surface, Subsea Services, Products, Subsea Projects, and Onshore/Offshore, with the first two headquartered in Houston and the others in Paris.