Paris-based LNG engineer Technip and Houston-based FMC Technologies executed the business combination agreement following the conclusion of work council consultation process in Europe.
During May, the two companies announced the merger and the intention to combine into one company named TechnipFMC in an all-stock merger transaction.
The transaction, under which Technip shareholders will receive two shares of the combined company for each share of Technip and FMC Technologies shareholders will receive one share of the combined company for each share of FMC Technologies, is expected to close in early 2017.
In a joint statement issued on Thursday, the two companies said the newly formed TechnipFMC will set out to “redefine the production and transformation of oil and gas.”
Thierry Pilenko, Technip chairman and chief executive officer, will serve as executive chairman of the combined company.
Douglas Pferdehirt, president and chief operating officer of FMC Technologies, who will serve as the CEO of TechnipFMC noted the newly formed company will look “to shape the future of the oil and gas industry by accelerating technology innovation, integrating and improving project execution and reducing costs for customers.”
The merger now has to secure approvals of Technip and FMC Technologies shareholders, regulatory approvals and consents, as well as other closing conditions.
LNG World News Staff