TechnipFMC CEO comments on onshore, offshore spinoffs

During a conference call regarding the announced TechnipFMC split Monday afternoon, chairman of the board and CEO Douglas J. Pferdehirt said, “There are very few synergies between upstream and downstream. We are seeing the beginning of a shaping of our industry. We believe that what we are creating, others will follow. “

When you over-integrate, the customer can see you as greedy. We integrate where it clearly adds value to the customer.”

When asked about the timing of the spinoff, Pferdehirt said “Timing needs to be a function of the business environment, markets we serve, and leadership. These three came together now. It looks like there could be no better time than now.”

Source: WorldOil