TechnipFMC sheds 14% of spin-off firm
London-listed engineering group TechnipFMC has sold a 14% interest in its recently separated engineering and construction division Technip Energies for €277.5mn ($335mn), the company said on April 27.
TechnipFMC sold 25mn shares through a private placement at €11.10/share, with settlement expected on or around April 30, the company said. The placement was open to eligible institutional investors, it said. TechnipFMC will retain a 31% interest in Technip Energies and has agreed a 60-day "lock-up" for its remaining shares, subject to some exemptions.
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TechnipFMC completed the separation of its engineering and construction activities from its technology and services business in February. The company posted its first-quarter results on April 27, with CEO Doug Pferdehirt describing the three months as an "exceptional start" for the now pure play technology and services group.
The company swung to a $430.3mn income from continuing operations in the three months ending March 31, from a $3.23bn loss a year earlier. Adjusted EBITDA more than doubled to $165.2mn, supported by a 3% uptick in revenues to $1.63bn. The company's work backlog shrank to $7.22bn from $8.2bn a year earlier, but inbound orders grew to $1.72bn from $1.54bn.