Fat Lady Sings – Technip & FMC Now TechnipFMC

In May, U.S.-based oilfield services company FMC Technologies announced they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion (see FMC Technologies & Technip to Merge, Create $13B Oilfield Giant). FMC had/has some operations in the Marcellus/Utica, hence the merger has implications for our region. The Obama Dept. of Justice approved the deal in June (see FMC Technologies/Technip Merger Approved by Obama DOJ/FTC). Apparently it’s A.O.K. for a French company to buy an American company, but when one American company (Halliburton) wanted to buy another (Baker Hughes), that wasn’t OK with the Obamadroids (see Obama DOJ Kills Halliburton/Baker Hughes Merger, Deal “Terminated”). But we digress. Following months filling out “Mother May I?” forms, the deal is now done. Yesterday the two companies consummated their merger and the former Technip and FMC Technologies have now become TechnipFMC…
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Technip, FMC Shareholders Approve Merger; Fat Lady Sings in Jan?

fat-lady-singsIn May, U.S.-based oilfield services company FMC Technologies announced they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion (see FMC Technologies & Technip to Merge, Create $13B Oilfield Giant). FMC had/has some operations in the Marcellus/Utica, hence the merger has implications for our region. The Obama Dept. of Justice approved the deal in June (see FMC Technologies/Technip Merger Approved by Obama DOJ/FTC). Apparently it’s A.O.K. for a French company to buy an American company, but when one American company (Halliburton) wanted to buy another (Baker Hughes), that wasn’t OK with the Obamadroids (see Obama DOJ Kills Halliburton/Baker Hughes Merger, Deal “Terminated”). But we digress. The European Union, like the Obama DOJ, also gave its blessing on the deal. The shareholders for the two companies voted yesterday to consummate the marriage. The only thing left now is for the fat lady to sing, which appears will happen early in 2017 (likely January). The date of the official merger will be known on Dec. 21…
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Technip, FMC Believe Merger is in the Bag, Release Board Mbr List

M&AIn May, U.S.-based oilfield services company FMC Technologies announced they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion (see FMC Technologies & Technip to Merge, Create $13B Oilfield Giant). FMC had/has some operations in the Marcellus/Utica, hence the merger has implications for our region. The Obama Dept. of Justice approved the deal in June (see FMC Technologies/Technip Merger Approved by Obama DOJ/FTC). Apparently it’s A.O.K. for a French company to buy an American company, but when one American company (Halliburton) wanted to buy another (Baker Hughes), that wasn’t OK with the Obamadroids (see Obama DOJ Kills Halliburton/Baker Hughes Merger, Deal “Terminated”). But we digress. The European Union, like the Obama DOJ, has now given its blessing on the deal. The shareholders for the two companies will vote next week on the merger, to make it official. Apparently management for the two companies thinks the deal is already in the bag because they’ve released a list of board members for the newly combined company…
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Technip & FMC Technologies Shareholders Vote Dec 5 on Merger

M&AIn May, U.S.-based oilfield services company FMC Technologies announced they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion (see FMC Technologies & Technip to Merge, Create $13B Oilfield Giant). FMC had/has some operations in the Marcellus/Utica, hence the merger has implications for our region. The Obama Dept. of Justice approved the deal in June (see FMC Technologies/Technip Merger Approved by Obama DOJ/FTC). Apparently it’s A.O.K. for a French company to buy an American company, but when one American company (Halliburton) wanted to buy another (Baker Hughes), that wasn’t OK with the Obamadroids (see (see Obama DOJ Kills Halliburton/Baker Hughes Merger, Deal “Terminated”). But we digress. On Dec. 5 shareholders in both companies will vote on the deal. If they vote “yes,” as it expected, the deal with close and the two will have their nuptials in early 2017…
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FMC Technologies/Technip Merger Approved by Obama DOJ/FTC

M&AApparently it’s just fine with the Obama Department of Justice (DOJ) if a French company, like Technip, wants to buy an American company, like FMC Technologies. The DOJ and Federal Trade Commission (FTC) have just given the green light for the two to merge to create a new $13 billion oilfield services company (see FMC Technologies & Technip to Merge, Create $13B Oilfield Giant). FMC does work in the Marcellus/Utica, hence our interest. However, if it happens to be two American companies that want to merge–say Halliburton and Baker Hughes–the DOJ refuses to sign off (see Obama DOJ Kills Halliburton/Baker Hughes Merger, Deal “Terminated”). Why is that? Below is a statement from FMC announcing the Technip deal has been cleared to proceed under the Hart–Scott–Rodino Antitrust Improvements Act of 1976…
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FMC Technologies & Technip to Merge, Create $13B Oilfield Giant

Technip-FMCThe ongoing low price for oil and gas is profoundly changing the drilling landscape under our feet. In what some might call a marriage of convenience we would call a marriage of desperation: U.S.-based oilfield services company FMC Technologies announced yesterday they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion. FMC had/has some operations in the Marcellus/Utica, hence this merger has implications for our region. The new venture would be bigger than Baker Hughes and would rival and compete with the world’s two largest oilfield services companies: Schlumberger and Halliburton. Technip specializes in engineering and construction, while FMC specializes in offshore equipment and systems. The immediate question becomes, will Europe, the U.S. and other counties that opposed the Halliburton/Baker Hughes merger also oppose this one? Prevailing thought by analysts is that this merger will have a much easier path because the two companies have very little overlap in the current services they offer…
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FMC Technologies Axing 2,000 Jobs, Some in the Marcellus/Utica

FMC Technologies is a subsea oil-field equipment manufacturer and supplier of hydraulic fracturing technology and other wellhead services in North America–including a large presence in the Marcellus/Utica region. The company, based in Texas, employs 20,000 people worldwide. Yesterday FMC became the latest big oil and gas industry firm to announce job cutbacks due to low oil prices. FMC said it will trim (more like ax) 10% of its workforce, some 2,000 people, most of them in North America and located “outside of Houston.” One can deduce that some number of those lost jobs will be in the Marcellus/Utica…
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FMC: Shale Industry Must Achieve 100% Frack Wastewater Recycling

At last week’s 2013 YOUNG Expo, FMC Technologies vice president of surface technologies, Johan Pfeiffer, said water use for fracking is a big deal–such a big deal that the shale drilling industry needs to move to 100% recycling of fracked wastewater. Soon. If we don’t? An ominous prediction from Pfeiffer: “If we don’t address the water issue we will lose it.”

FMC is a huge oilfield services and equipment company with a vested interest in the issue. They are right now conducting a pilot program in Colorado for a new technology that removes impurities and chemicals from frack wastewater. Pfeiffer explained a bit about their new and unique technology…
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