France’s Technip and FMC Technologies of the US are merging to combat the ongoing slump in the subsea sector.
The two will create a company called TechnipFMC that has a market value of $13bn.
The French shipowner and its partner had revenue of $20m in 2015. EBITDA was $2.4bn, with an order backlog of $20bn.
The combined entity will rival the biggest oil services companies Halliburton and Schlumberger.
The
