THE Technip and FMC Technologies merger is moving ever closer to becoming official with both companies calling their respective shareholders together to vote on the plan in early December.

The companies announced in May this year that they intended to combine to create the US$13 billion oilfield service giant named TechnipFMC.

The combination is being undertaken via an all-stock merger transaction. Under the terms of an MOU, Technip shareholders will receive two shares of the new company for each share of Technip, and FMC Technologies shareholders will receive one share of the new company for each share of FMC Technologies. Each company’s shareholders will own close to 50% of the combined company.

Oil fields giant

The two companies have more than 49,000 employees operating in over 45 countries, TechnipFMC generated 2015 combined revenue of approximately US$20 billion and combined 2015 EBITDA of approximately US$2.4 billion. As of March 31, 2016, the two companies together had consolidated backlog of approximately US$20 billion.