Press release | December 12, 2018
TechnipFMC Announces Authorization of Additional $300 Million Share Repurchase Program
LONDON & PARIS & HOUSTON--(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.
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
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.
Vice President Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer
Director Investor Relations (Europe)
Tel: +44 (0) 20 3429 3929
Email: Phillip Lindsay
Senior Vice President Corporate Engagement
Tel: +33 1 47 78 39 92
Email: Christophe Belorgeot
Senior Manager Public Relations
Tel: +33 1 47 78 34 83
Email: Delphine Nayral