Press release | April 21, 2020
TechnipFMC Announces Revised Dividend Policy
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC plc (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) announced today that the Company’s Board of Directors revised its dividend policy to $0.13 per share on an annualized basis due to the sharp decline in commodity pricing and the impact of COVID-19.
The Company made a dividend payment of $0.13 per share in April 2020, which fulfills this annual dividend for 2020. The Company is taking this action to further strengthen the balance sheet and preserve liquidity.
The Company intends to pay its 2021 dividend in quarterly installments beginning in April 2021.
Important Information for Investors and Securityholders
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “intend” 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, including the following known material factors:
- unanticipated changes relating to competitive factors in our industry;
- demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets;
- risks associated with disease outbreaks and changes in, and the administration of, treaties, laws, and regulations, including the response to public health issues, such as COVID-19; and
- risks associated with being an English public limited company, including the need for “distributable profits” and the risk that we may not be able to pay dividends in accordance with our announced capital allocation plan.
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.
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.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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
Public Relations Director
Tel: +1 281 591 4108
Email: Brooke Robertson