CATNIP ENERGIES. TechnipFMC’s spinoff of its energy business took its time – the French-American London-domiciled oil services group originally announced the move in August 2019, before shelving it when Covid-19 hit last year. But it was worth the wait: having revived the split last month, Technip Energies shares jumped more than 30% in their first day of trading. The excitement has some basis. One of the spun-off entity’s business lines is low-carbon “green hydrogen”, which sustainable investors are currently obsessing over. Even after Tuesday’s bump to a $2.8 billion market capitalisation, Technip Energies trades around 6 times JPMorgan’s $540 million estimate for normalised EBITDA. By way of rough comparison, JPMorgan’s 2022 average for green energy players such as Plug Power is a frothy 87 times. Other oil groups that fancy or need some extra cash should take note. (By George Hay)