Page 12 - EurOil Week 03 2021

EurOil PERFORMANCE EurOil

TechnipFMC separation back on track

FRANCE FRANCO-AMERICAN oil services group the separation.”
TechnipFMC revealed earlier this month that it “We continue to believe this action would
TechnipFMC’s was resuming plans to split itself into two inde- allow both businesses to thrive independently
CFO stepped down pendent companies. within their sectors, enabling each to unlock sig-
shortly after the TechnipFMC, formed four years ago through nificant shareholder value,” he added.
announcement. the merger of Technip and FMC, unveiled plans TechnipFMC will keep around 21,000
to separate its engineering and construction employees globally and will continue to be led
activities from its oil services and technology by Pferdehirt and incorporated in the UK. It will
business in August 2019. But it put the process keep its headquarters in Houston and listings on
on hold in March last year because of the market both the New York Stock Exchange and Euron-
turmoil created by the coronavirus (COVID-19) ext Paris.
pandemic. Technip Energies, meanwhile, will be “one of
Work on the separation is once again under- the largest engineering and technology compa-
way and should be completed in the first quarter nies globally,” with 15,000 staff and headed up by
of this year, TechnipFMC said in a statement on Arnaud Pieton as CEO.
January 7. Technology and services will remain
under the TechnipFMC name, while the newly CFO changeover
formed Technip Energies will handle engineer- TechnipFMC also announced on January 12 that
ing and construction. its CFO Maryann Mannen had stepped down
Existing shareholders will receive 50.1% of and would be replaced by long-serving execu-
stock in Technip Energies on a pro-rata basis. tive Alf Melin.
TechnipFMC will retain the rest, which it intends Mannen has held the post since 2017, and was
to divest “over time.” BpiFrance, already a major previously CFO at FMC Technologies before its
investor in TechnipFMC, will become a signif- merger with Technip. She is leaving on January
icant shareholder in Technip Energies through 25 to work as CFO and executive vice-president
a $200mn investment. The new business will be at US oil firm Marathon Petroleum.
listed on the Euronext Paris bourse in France. Melin has had a number of leadership roles
The separated companies will be “poised to at TechnipFMC in finance, treasury and opera-
capitalise on the energy transition,” Technip- tions. He is currently the senior vice-president
FMC CEO Doug Pferdehirt said. “The increased for financial operations. Pferdehirt commented
clarity we now have in the market outlook cou- that Melin had “made significant contributions
pled with our demonstrated ability to success- in the development of the company’s current
fully execute projects in this most challenging financial organisation, making him a natural
period give us confidence to move forward with successor.” ™

P12 www. NEWSBASE .com Week 03 21•January•2021