TechnipFMC Reaches an Agreement to Acquire Plexus’ Exploration Wellhead Business
October 19 2017 - 2:30AM
Business Wire
TechnipFMC (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) announces
that an agreement has been reached with Plexus Holding plc
(“Plexus”) to acquire Plexus’s Wellhead exploration equipment and
services business for jack up applications. In conjunction with
TechnipFMC’s global footprint and market presence, this portfolio
expansion in the mudline and high pressure high temperature (HPHT)
arena enables TechnipFMC to be a leading provider of products and
services to the global jack up exploration drilling market.
The business will be integrated into the TechnipFMC Surface
Technologies segment and will include the transfer of key personnel
from Plexus, with their specialized know-how, to ensure continuity
and ongoing customer support. The business will continue to operate
from the existing location in Dyce, Aberdeen, UK. Completion of the
transaction is subject to the satisfaction of certain closing
conditions.
Richard Alabaster, President of TechnipFMC’s Surface
Technologies business, stated: “I am very pleased that we have
reached this agreement, which fits within TechnipFMC Surface
Technologies’ strategy to extend and strengthen our position in
exploration-drilling products and services while leveraging our
global field presence. It also enhances TechnipFMC’s capability in
HPHT applications.”
Important Information for Investors and
Securityholders
Forward-Looking Statements
This release contains "forward-looking statements" as defined in
Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended. Forward-looking statements involve
significant risks, uncertainties and assumptions that could cause
actual results to differ materially from the Company’s historical
experience and present expectations or projections. These risks,
uncertainties and assumptions relate to, among other things, the
Company’s ability to consummate the proposed transaction with
Plexus, including the satisfaction of the conditions to
consummation of the transaction; the Company’s ability to
successfully integrate Plexus’ operations and employees; the
Company’s ability to realize anticipated synergies and cost savings
from the transaction with Plexus; and the potential impact of the
announcement or consummation of the transaction with Plexus on
relationships, including with employees, suppliers, customers and
competitors of the Company and Plexus. For additional information
regarding known material factors that could cause actual results to
differ from projected results, please see our risk factors set
forth in our filings with the United States Securities and Exchange
Commission, which include our Registration Statement on Form S-4,
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
We caution you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any of our
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise, except to
the extent required by law.
About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and
surface projects. With our proprietary technologies and production
systems, integrated expertise, and comprehensive solutions, we are
transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across
project lifecycles from concept to project delivery and beyond.
Through innovative technologies and improved efficiencies, our
offering unlocks new possibilities for our clients in developing
their oil and gas resources.
Each of our more than 40,000 employees is driven by a steady
commitment to clients and a culture of purposeful innovation,
challenging industry conventions, and rethinking how the best
results are achieved.
To learn more about us and how we are enhancing the performance
of the world’s energy industry, go to TechnipFMC.com and follow us
on Twitter @TechnipFMC.
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