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Energy

TechnipFMC resumes plan to split itself into two

FILE PHOTO: The logo of energy engineering group TechnipFMC is seen on top of the company's building in Courbevoie at the financial and business district of La Defense near Paris, France, May 14, 2018. REUTERS/Charles Platiau

(Reuters) - Franco-American oil services firm TechnipFMC Plc said on Thursday it resumed its plan to split itself into two, after delaying the move in March.

The group, created nearly four years ago via the merger of Technip and FMC, had been planning to separate its engineering and construction activities from its upstream oil services business.

However, it put the plan on hold, citing turbulence in financial markets due to the coronavirus outbreak. It said in March the rationale for the spin-off remained unchanged and that it would continue preparations in order to be ready to go ahead with the move once markets recover.

Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel

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