Amidst the coronavirus pandemic and unfavourable market conditions, Technip FMC has decided not to go ahead with its planned separation into two different entities—Technip FMC and Technip Energies—until markets recover.

The UK-based firm Technip FMC has revealed that its strategy of segregating into two companies—Technip FMC and Technip Energies—is under progress and is expected to be complete in 2020.

Technip FMC has secured an engineering, procurement and construction management services contract from Motor Oil Hellas for a new naphtha complex in Greece. The new naphtha project is expected to have a capacity of 22,000 barrels per day.

The contract has been awarded by Woodside for its Pyxis and Xena fields which are located offshore North West Australia. Under the terms of the agreement, Technip FMC will design, manufacture, deliver and install subsea equipment for both the fields.

Technip FMC and DNV GL aim to set a benchmark towards the integrity of the digital twin technology in the oil and gas sector. The new technology will enable industry players to undertake better decisions in their projects and operations.

Technip FMC’s Board of Directors has announced that the company will be split into 2 industry-leading and publicly traded companies – Remain Co and Spin Co. With this move, both the firms will be able to focus on their strategies and grow in their respective business.

The contract is regarding the Arctic LNG 2 project which is located in the Gydan peninsula in West Siberia, Russia. The project involves the development of three liquefied natural gas trains, each with a capacity of 6.6 Mtpa.

The contracts are for the MJ1 field located in deep water offshore India in the Krishna Godavari basin and include the fabrication and installation of flexible risers, rigid and flexible flowlines and umbilicals.

Catherine Mac Gregor has been appointed with an aim to explore opportunities and expand Technip FMC’s portfolio through innovative models and new business lines. Previously, she has held numerous leadership positions involving global operational activities.

The contract is for Conoco Phillips’ TOR II development which is situated in the Norwegian sector of the North Sea. The agreement involves the delivery and installation of a subsea production system.