TechnipFMC Announces Authorization of Additional $300 Million Share Repurchase Program
December 12 2018 - 4:10PM
Business Wire
Regulatory News:
TechnipFMC plc (“TechnipFMC”) (NYSE: FTI) (PARIS: FTI) (ISIN:
GB00BDSFG982) announces that its Board of Directors has approved an
additional $300 million share repurchase program (the “Share
Repurchase Program”) to be implemented through open market
purchases. The Company remains committed to completing its existing
$500 million share repurchase program by the end of 2018.
The Share Repurchase Program will be implemented in accordance
with the authorization granted by TechnipFMC’s shareholder on
January 11, 2017, which remains valid until January 11, 2022. Under
the Share Repurchase Program, TechnipFMC is authorized to
repurchase up to $300 million of its ordinary shares, which as of
December 11, 2018, represents a maximum of 14,570,179 shares based
on the NYSE closing share price on such date. Ordinary shares
repurchased under the Share Repurchase Program will be cancelled
and not held as treasury shares. The objective of the Share
Repurchase Program is to reduce TechnipFMC’s issued share
capital.
The acquisition price per ordinary share will not exceed the
higher of the price of the last independent trade and the highest
current independent purchase bid on the trading venue where the
purchase is carried. In addition, the Share Repurchase Program will
be conducted in compliance with applicable securities
regulations.
The Share Repurchase Program will not obligate TechnipFMC to
acquire any particular amount of ordinary shares, and the Share
Repurchase Program may be suspended or discontinued at any time at
TechnipFMC’s discretion.
###
About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and
surface projects. With our proprietary technologies and production
systems, integrated expertise, and comprehensive solutions, we are
transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across
project lifecycles from concept to project delivery and beyond.
Through innovative technologies and improved efficiencies, our
offering unlocks new possibilities for our clients in developing
their oil and gas resources.
Each of our more than 37,000 employees is driven by a steady
commitment to clients and a culture of purposeful innovation,
challenging industry conventions, and rethinking how the best
results are achieved.
To learn more about us and how we are enhancing the performance
of the world’s energy industry, go to TechnipFMC.com and follow us
on Twitter @TechnipFMC.
Important Information for Investors and
Securityholders
Forward-Looking Statements
This release contains "forward-looking statements" as defined in
Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the U.S. Securities Exchange Act of
1934, as amended. The words “intend,” “will,” “may,” and similar
expressions are intended to identify forward-looking statements,
which are generally not historical in nature. Such forward-looking
statements involve significant risks, uncertainties and assumptions
that could cause actual results to differ materially from our
historical experience and our present expectations or projections.
Known material factors that could cause our actual results to
differ from those in the forward-looking statements include: the
possibility that we may not meet the regulatory requirements needed
to implement the Share Repurchase Program; the Share Repurchase
Program may be suspended or discontinued; and such other risk
factors set forth in our filings with the U.S. Securities and
Exchange Commission and in our filings with the Autorité des
marches financiers or the U.K. Financial Conduct Authority.
We caution you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any of our
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise, except to
the extent required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181212005699/en/
Investor relationsMatt SeinsheimerVice President Investor
RelationsTel: +1 281 260 3665Email: Matt Seinsheimer
Phillip LindsayDirector Investor Relations (Europe)Tel: +44 (0)
20 3429 3929Email: Phillip Lindsay
Media relationsChristophe BélorgeotSenior Vice President
Corporate EngagementTel: +33 1 47 78 39 92Email: Christophe
Belorgeot
Delphine NayralSenior Manager Public RelationsTel: +33 1 47 78
34 83Email: Delphine Nayral
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From Apr 2024 to May 2024
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From May 2023 to May 2024