TechnipFMC Names E&C Spinoff Technip Energies

New Company to Float in 2020

Engineering services firm TechnipFMC has announced its new pure-play engineering and construction spinout company will be named Technip Energies.
The reorganization, which was announced last quarter, will see the engineering, procurment and construction giant split into two independent, publicly traded companies – one focused on upstream and one focused on downstream E&C.
“There is a strong attachment and recognition of the Technip name and, at the same time, the clear desire to move the company forward. Our new name, Technip Energies reflects that. Technip pays tribute to the outstanding track record of successful onshore and offshore projects, our pioneering spirit, the passion of our teams, our operational excellence and the quality of our technology portfolio,” said Catherine MacGregor, CEO-elect of Technip Energies.

Global Energy Transition

Technip Energies will provide E&C services with a focus on downstream, while the upstream company, presently named RemainCo, will be a fully integrated technology and services provider.

“Energies highlights our ambition to play a key role in driving the global energy transition. It also reflects the individual contributions of all our employees which will allow us to write, together, this new page of our history,” MacGregor said.
The split is expected to complete in the first half of 2020, and will be structured as a spin-off, with Technip Energies to be headquartered in Paris, France.

Digital Twin Technology
Pushing the firm’s agenda to support the global energy transition the firm also announced a partnership with Norwegian standards agency DNV GL to develop digital twin technology.
“Digital twin technology results in quicker, better asset design, improved project delivery efficiency, and operation safety and performance during the whole asset life. As more digital twins enter the oil and gas sector, it is key for Operators to know that their twin works as planned, and that its output is reliable,” said Julie Cranga, vice president of subsea digital at TechnipFMC.

The partners will employ a methodology to bring a level playing field to the sector’s varying technical definitions and set a benchmark for oil and gas operators to boost performance and safety decision-making.