London-headquartered contracting giant TechnipFMC has completed its separation into two independent, publicly traded companies.
Tuesday marked the listing and first day of trading of Technip Energies, a company which was spun off as “leading engineering and technology company" looking to target energy transition.
The new company claims to be a “leader” in liquefied natural gas, hydrogen and ethylene, while it is also positioning itself in key growth areas including sustainable chemistry and carbon dioxide management.
“Technip Energies is a driving force to address the energy transition challenge which our industry and our world need to tackle,” said Technip Energies chief executive Arnaud Pieton.
“We believe the future of energy is shaping tomorrow, and we have a significant role to play, in line with our mission of designing and delivering added value energy solutions. "
TechnipFMC will also continue on as a standalone company, continuing to trade as a fully integrated technology and services provider.
TechnipFMC originally announced plans to separate into two independent companies in 2019, however, it placed the plan on hold in March last year amid the market turmoil created by low oil prices and the Covid-19 pandemic.
It only revived the spin-off plan last month, stating the two companies would benefit from distinct and expanding market opportunities and specific customer bases; enhanced focus of management, resources and capital; robust backlogs supporting future revenue; and compelling and distinct investment profiles.