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.

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