Bloomberg Law
Aug. 26, 2019, 5:51 PM

TechnipFMC to Spin Off Projects Unit as Oil-Servicers Struggle

David Wethe
David Wethe
Bloomberg News

TechnipFMC Plc is spinning off its engineering segment, the company’s biggest, as contractors in the oil patch look for ways to rejig their businesses amid a prolonged downturn. The shares jumped the most in more than three years.

The new company will have about 15,000 workers and will be headquartered in Paris, TechnipFMC said Aug. 26. The spun unit will claim liquefied natural gas projects as one of its crown jewels, while the remaining TechnipFMC will be one of the world’s biggest providers of subsea equipment to oil companies and will keep engineering projects in that area.

“The customer set ...