Technip, FMC Technologies Complete Merger
TechnipFMC began operating as a unified company Tuesday with the completion of the FMC Technologies Inc. and Technip SA merger.
The merger’s completion positions the company to help customers unlock hard-to-reach resources, which can’t be fully developed without significant and sustainable improvement in project economics, TechnipFMC said in a Jan. 17 press statement. Company officials said the newly formed company’s complementary skills and innovative technologies can boost efficiency, lower costs and accelerate schedules for oil and gas customers.
“Whether clients need an individual operation or an end-to-end solution, TechnipFMC is positioned to transform project economics across subsea, onshore/offshore and surface and lay the foundation for sustainable success,” the company said in the release.
The new company will trade on the New York Stock Exchange and the Euronext Paris Stock Exchange under the symbol FTI.
FMC Technologies announced last May that it would merge with Technip to cut costs as falling oil prices led customers to cancel projects and demand lower fees from suppliers, hurting earnings for oilfield service drillers, servicers and engineers.
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