World of oil and gas ///

FMC Technologies and Technip will combine in an all-stock transaction. According to a statement announcing the deal, the combined company, to be called TechnipFMC, will offer a new generation of solutions to reduce the cost of producing and transforming hydrocarbons. Technip Chairman and CEO Thierry Pilenko will serve as the executive chairman of the combined company’s board. Doug Pferdehirt, who was recently named CEO of FMC, effective on Sept. 1, will serve as CEO of the new company. The transaction is expected to close early in 2017. The new company will have its operational headquarters in Paris, Houston and London. According to Rystad Energy, the union will create the second-largest company in the oilfield service industry.

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