Expecting to gain in an oil-services market that is showing signs of a recovery, sector engineering-construction giant Technip, Paris, and FMC Technologies, Houston, are set to merge next year to create an estimated $20-billion megafirm, the companies announced on May 19.
The combined company, to be called TechnipFMC, will be listed on stock exchanges in Paris and New York City. Technip CEO Thierry Pilenko will be executive chairman, while Doug Pferdehirt, FMC president and chief operating officer, will serve as CEO. Each company’s shareholders will own close to 50% of the combined group in a deal valued at $13 billion.