TechnipFMC to split into two companies

Subsea and offshore construction firm TechnipFMC has confirmed that it will separate into two independent, publicly traded companies effective in the first half of 2020.

The firm’s technology and services business will operate under the name RemainCo while the engineering and construction arm will be known as SpinCo.

The separation is subject to customary conditions, consultations, and regulatory approvals, at which time all outstanding shares of SpinCo will be distributed to existing TechnipFMC shareholders.