Roughly two years after the merger that resulted in its creation, TechnipFMC Plc has decided to separate into two independent, publicly-traded companies.

The oilfield service company said Aug. 26 that its board of directors unanimously approved its plan to spin off TechnipFMC’s onshore/offshore segment into a separate business, referred to as SpinCo, to be headquartered in Paris. As a result, the company’s remaining assets, RemainCo, will consist of a fully-integrated technology and services provider.

In a statement, Doug Pferdehirt, chairman and CEO of TechnipFMC, said TechnipFMC has pioneered the integrated business model for subsea since the 2017 merger of Technip SA and FMC Technologies Inc.

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