Energy services firm TechnipFMC said this evening that its split into two separate companies would be delayed due to recent market turmoil.
TechnipFMC said market conditions had “changed materially” due to the Covid-19 pandemic, the sharp drop in commodity prices, and “heightened volatility” in global equity markets.
The market environment is not currently “conducive” to the planned separation, it said.
However, TechnipFMC did say the rationale for the split remained “unchanged” and that it would look to complete the task when markets “sufficiently recover”.
The London, Houston and Paris-headquartered firm initially unveiled its plans to split into two trading firms in August.
It was later clarified that the demerged technology and services company would keep the TechnipFMC brand name, while the engineering and construction firm would be called Technip Energies.
Energy Voice reported last month that TechnipFMC and US-based multinational Halliburton were locked in high-level talks about a possible unification of services.
It was understood the tie-up would take place after TechnipFMC’s separation, which had been slated for completion in the second quarter of 2020.
It is unclear how this evening’s announcement from TechnipFMC – which employs nearly 1,000 people in the Aberdeen area – will affect those plans.
By Mark Lammey
Source: Energy Voice
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