As part of its share buyback program, Technip signed a share purchase agreement with an investment services provider.
Technip has appointed an Investment Services Provider for the implementation of its Share Buyback as authorized by the Annual General Meeting of April 28, 2016. This share buyback is in line with Technip's announcement of its intention to neutralize the dilution created by the scrip dividend.
Under the terms of the Agreement signed on August 3, 2016, the parties agree that the Investment Services Provider will sell up to 3,168,156 Technip shares to Technip, which undertakes to buy them at market price, between August 4, 2016 and November 18, 2016, with a guarantee that the final price will reflect the arithmetic average of daily Volume Weighted Average Price (VWAP) over the execution period less a guaranteed discount.
The price may not exceed the maximum purchase price of €65 approved by the Annual General Meeting of April 28, 2015.
All of the shares bought back under the Agreement will be cancelled.
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, close to 32,500 people are constantly offering the best solutions and most innovative technologies to meet the world's energy challenges.
Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).
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