TechnipFMC cuts Technip Energies stake, buys out JV

TechnipFMC cuts Technip Energies stake, buys out JV

TechnipFMC is placing around 9% of Technip Energies outstanding shares through a private placement, while also bringing more focus to bear on its integrated service model.

The company is carrying out a placement of around 16 million shares in Technip Energies. TechnipFMC set the sale price at 11.2 euros ($13.3) per share. As such, it said total gross proceeds would be 179.2 million euros ($213mn).

TechnipFMC is disposing of the shares via an accelerated bookbuild offering. It is targeting eligible institutions – there will not be a public offering.