Sector News

TechnipFMC delays split until market improves

March 17, 2020
Chemical Value Chain

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

comments closed

Related News

July 3, 2022

Neste acquires European rights to Alterra’s chemical recycling tech for difficult plastics

Chemical Value Chain

Neste has bought the European rights for Alterra Energy’s liquefaction technology, strengthening its chemical recycling capabilities. Alterra is a US-based company that has developed a thermochemical solution for liquefying difficult-to-recycle plastics.

July 3, 2022

Maria Soler Nunez appointed as Head, Group Operations at Lonza

Chemical Value Chain

Lonza appoints Maria Soler Nunez as Head, Group Operations. Maria joins Lonza from Novartis where she has led the quality organization since 2020. Maria will commence her tenure with Lonza Group on 1 August 2022, succeeding Stefan Stoffel, who is retiring from Lonza.

July 3, 2022

AkzoNobel announces Gregoire Poux-Guillaume as new Chief Executive Officer as of November 1, 2022

Chemical Value Chain

AkzoNobel has announced that Gregoire Poux-Guillaume will become the company’s new Chief Executive Officer (CEO) as of November 1, 2022. He will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end.