TechnipFMC and Technip Energies will be the official names of the oil services provider in 2020, reaffirms the company in a note

TechnipFMC's board of directors unanimously approved the company's plan to split into two independent publicly traded companies in August 2019.

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Technip Energies (SpinCo)

With approximately 15.000 employees, Technip Energies would be one of the largest E&C (Engineering and Construction) companies and is poised to capitalize on the global energy transition, the company said.

Technip Energies will be well positioned to capture LNG opportunities as a result of its project delivery model, diversified capabilities and track record.

In addition, the new company will benefit from its leading order backlog position in the downstream market, as well as future growth opportunities in biofuels, green chemistry and other energy alternatives.

Technip Energies will be incorporated in the Netherlands, headquartered in Paris and listed on the Euronext Paris exchange.

TechnipFMC (RemainCo)

With approximately 22.000 employees, TechnipFMC will be a fully integrated technology and services provider, continuing to drive energy development.

The company's role will be to support customers in delivering unique and integrated production solutions.

As a stand-alone company, TechnipFMC will be the largest diversified player in the industry, according to TechnipFMC.

TechnipFMC will remain incorporated in the UK with headquarters in Houston and listed on the NYSE and Euronext Paris exchanges.