FMC Technologies Inc. and Technip SA appear poised to do what larger oil service and equipment providers Halliburton Co. and Baker Hughes Inc. couldn’t — close a merger during the market downturn.
The $13 billion combination of U.S. subsea-equipment supplier FMC with Paris-based Technip will deliver at least $400 million in annual pretax savings in 2019, the companies said Thursday. FMC investors will get one share in the new company for each they own, while Technip stockholders will get two.
Industry peers Halliburton and Baker Hughes had also tried to join forces to weather the rout, but called off their planned ...