LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Sep. 25, 2017-- Regulatory News:
TechnipFMC plc (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) (“TechnipFMC”) (NYSE and Euronext: FTI) (ISIN: GB00BDSFG982) announces the implementation of a share repurchase program on the New York Stock Exchange (“NYSE”) and Euronext Paris, where TechnipFMC’s ordinary shares are traded, as previously approved by its Board of Directors on April 25, 2017 (the “Share Repurchase Program”). TechnipFMC has appointed an investment services provider in order to implement the Share Repurchase Program.
Under the Share Repurchase Program, TechnipFMC is authorized to repurchase up to $500 million of its ordinary shares by the end of 2018, which as of 25 September 2017 represents a maximum of 18,504,811 shares based on the NYSE closing share price on such date. The Share Repurchase Program is in accordance with the authorization granted by TechnipFMC’s shareholder on January 11, 2017, which is valid for a period of five years from that date. TechnipFMC does not currently hold any treasury shares and all 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.
As required under article 3(2) of Commission Delegated Regulation (EU) 2016/1052, 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.
The Share Repurchase Program shall be conducted pursuant to article 5 of Regulation (EU) No. 596/2014 of the European parliament and Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.
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 40,000 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.
Source: TechnipFMC plc
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