Separately, TechnipFMC revealed plans to take full ownership of its TIOS joint venture


In February 2021, TechnipFMC completed the separation of its engineering and technology business to create Technip Energies. (Credit: TechnipFMC plc)

Oilfield services provider TechnipFMC is reducing its stake in France-based engineering and technology company Technip Energies by 9% to raise €179.2m.

In this connection, TechnipFMC has sold 16 million shares of the company via a private placement through an accelerated bookbuild offering. The shares in the placement are each priced at €11.2.

Following the completion of the placement, the oilfield services provider will have a direct stake of around 22% in Technip Energies.

TechnipFMC expects the settlement for the placement to take place early next month.

Technip Energies was created in February 2021 through the separation of TechnipFMC’s engineering and construction business. Listed on Euronext’s regulated market in Paris, the company operates in 34 countries and has a workforce of approximately 15,000 people.

The company is made up of Genesis, a front-end engineering and design services provider, TechnipFMC’s former loading technology business – Loading Systems, and Cybernetix, a provider of surveillance and robotics solutions.

In April 2021, the company acquired €20m equivalent of its own shares from TechnipFMC.

Separately, TechnipFMC revealed plans to take full ownership of TIOS by acquiring the remaining 49% stake from its joint venture partner – Island Offshore Management.

Formed in 2018, TIOS offers fully integrated riserless light well intervention (RLWI) services. These include project management and engineering for plugging and abandonment of wells and riserless coiled tubing in addition to well completion and intervention operations.

TechnipFMC said that Island Offshore will continue to be the vessel provider for its RLWI services.

TechnipFMC subsea president Jonathan Landes said: “We are pleased to welcome TIOS wholly into TechnipFMC. This transaction brings into the company additional expertise that will maximize our capability to provide a complete range of well services globally to our clients in a rapid and economical manner.”