TechnipFMC puts split on hold due to coronavirus

It will continue preparations to move ahead once markets stabilise

TechnipFMC, Oilfield services, EPC, Engineering

Oil services company TechnipFMC is pausing plans to split in two because of the coronavirus outbreak.

TechnipFMC was created through the merger of Technip and FMC three years ago and planned to separate its engineering and construction arm from its upstream oil services business in the first half of 2020.

"Market conditions have changed materially due to the COVID-19 pandemic, the sharp decline in commodity prices, and the heightened volatility in global equity markets," TechnipFMC wrote in a press statement.

"The impacts of these events have created a market environment that is not currently conducive to the company's planned separation into TechnipFMC and Technip Energies."

It noted that it would continue preparing for the split so that it could move ahead once markets stabilise.

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