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US: FMC, Technip OK $13 billion oil services merger

By  |  May 19, 2016

FMC Technologies Inc. and French oil-services rival Technip SA said Thursday they would merge and create a company worth $13 billion, a significant new player in an energy sector being reordered by a nearly two-year slump in crude prices.

The all-share deal would result in a new company named TechnipFMC, the companies said. Combined, the companies had $20 billion in annual revenue in 2015, more than Baker Hughes Inc. and a potential rival to the world’s largest oil-services companies like Halliburton Co. and Schlumberger Ltd.

The tie-up would bring together the broad engineering and construction expertise of Paris-based Technip with the underwater equipment and systems inwhich the Houston-based equipment manufacturer FMC specializes. The merger is expected to be fully completed in early 2017.

Full Content: USA Today

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