LONDON — Two large oil-services companies, FMC Technologies and Technip, said Thursday that they planned to merge in a $13 billion transaction.
The deal is a sign of pressures on the oil-services industry, which performs much of the oil field work for major energy companies around the world, to reduce costs at a time of lower oil and gas prices. The companies said in a joint statement that they expected at least $400 million in annual cost savings from the all-stock deal by 2019.
The deal, if completed, would combine Technip, which is based in Paris and is a major player in the demanding and costly work of developing offshore oil and gas fields, with FMC, a maker of energy equipment based in Houston.
The two companies had combined revenue of $20 billion in 2015 and would have more than 49,000 employees in 45 countries, they said in a joint statement.
Douglas J. Pferdehirt, president and chief operating officer of FMC, would become chief executive of the new company, which would be called TechnipFMC and would be based in London, where the two companies already have a joint venture. It would have operating offices in Houston and Paris and would be listed on the New York and Paris stock exchanges.
Thierry Pilenko, chairman and chief executive of Technip, would serve as executive chairman of the combined company.
In an interview Thursday, Pferdehirt said that companies like FMC provided equipment for oil projects while outfits like Technip installed it. By joining forces, “we can reduce that complexity,” he said. “We can remove unnecessary hardware.”
The deal would build on the existing joint venture between the two companies, which involves underwater operations.