TechnipFMC (NYSE: FTI) (“TechnipFMC” or the “Company”) announced
today that its Board of Directors has authorized a new share
repurchase program under which the Company may repurchase up to
$400 million of its outstanding ordinary shares. The program
represents 14 percent of the Company's outstanding shares at
yesterday’s closing price.
Doug Pferdehirt, TechnipFMC’s Chair and CEO, stated, “The rapid
improvement in our capital structure has enabled us to accelerate
our plan for shareholder distributions. We firmly believe that our
shares are undervalued today, and this share repurchase program
underscores our confidence in the long-term outlook for our
Company. In addition, we are reaffirming our intent to initiate a
quarterly dividend in the second half of 2023.”
The share repurchase program is in accordance with the
authorization granted by TechnipFMC’s shareholders on May 20,
2021.
The Company expects to make share repurchases from time to time
subject to the Company’s capital plan, general economic and market
conditions, and other factors. Shares purchased under the
repurchase program will be made through open market purchases,
privately negotiated transactions, Rule 10b5-1 plans, and any other
means in accordance with applicable securities laws. The repurchase
program does not obligate the Company to acquire any particular
amount of ordinary shares. The program may also be suspended or
discontinued at any time at the Company’s discretion.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional
and new energy industries, delivering fully integrated projects,
products, and services.
With our proprietary technologies and comprehensive solutions,
we are transforming our clients’ project economics, helping them
unlock new possibilities to develop energy resources while reducing
carbon intensity and supporting their energy transition
ambitions.
Organized in two business segments – Subsea and Surface
Technologies – we will continue to advance the industry with our
pioneering integrated ecosystems (such as iEPCI™, iFEED™ and
iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a
commitment to our clients’ success, and a culture of strong
execution, purposeful innovation, and challenging industry
conventions.
TechnipFMC uses its website as a channel of distribution of
material company information. To learn more about how we are
driving change in the industry, go to www.TechnipFMC.com
and follow us on Twitter @TechnipFMC.
Forward-Looking Statements
This press 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 United States Securities
Exchange Act of 1934, as amended. Forward-looking statements are
often identified by words such as “guidance,” “confident,”
“believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,”
“should,” “would,” “could,” “may,” “will,” “likely,” “predicated,”
“estimate,” “outlook” and similar expressions, including the
negative thereof. The absence of these words, however, does not
mean that the statements are not forward-looking. These
forward-looking statements are based on our current expectations,
beliefs, and assumptions concerning future developments and
business conditions and their potential effect on us. While
management believes these forward-looking statements are reasonable
as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. All of
our forward-looking statements involve risks and uncertainties
(some of which are significant or beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections, including unpredictable trends in the demand for and
price of crude oil and natural gas; competition and unanticipated
changes relating to competitive factors in our industry, including
ongoing industry consolidation; the COVID-19 pandemic and its
impact on the demand for our products and services; our inability
to develop, implement and protect new technologies and services;
the cumulative loss of major contracts, customers or alliances;
disruptions in the political, regulatory, economic and social
conditions of the countries in which we conduct business; the
refusal of DTC to act as depository and clearing agencies for our
shares; the United Kingdom’s withdrawal from the European Union;
the impact of our existing and future indebtedness and the
restrictions on our operations by terms of the agreements governing
our existing indebtedness; the risks caused by our acquisition and
divestiture activities; the risks caused by fixed-price contracts;
any delays and cost overruns of new capital asset construction
projects for vessels and manufacturing facilities; our failure to
deliver our backlog; our reliance on subcontractors, suppliers and
our joint venture partners; a failure or breach of our IT
infrastructure or that of our subcontractors, suppliers or joint
venture partners, including as a result of cyber-attacks; the risks
of pirates endangering our maritime employees and assets; potential
liabilities inherent in the industries in which we operate or have
operated; our failure to comply with numerous laws and regulations,
including those related to environmental protection, health and
safety, labor and employment, import/export controls, currency
exchange, bribery and corruption, taxation, privacy, data
protection and data security; the additional restrictions on
dividend payouts or share repurchases as an English public limited
company; uninsured claims and litigation against us, including
intellectual property litigation; tax laws, treaties and
regulations and any unfavorable findings by relevant tax
authorities; the uncertainties related to the anticipated benefits
or our future liabilities in connection with the spin-off of
Technip Energies (the “Spin-off”); any negative changes in Technip
Energies’ results of operations, cash flows and financial position,
which impact the value of our remaining investment therein;
potential departure of our key managers and employees; adverse
seasonal and weather conditions and unfavorable currency exchange
rate and risk in connection with our defined benefit pension plan
commitments and other risks as discussed in Part I, Item 1A, “Risk
Factors” of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2021 and Part II, Item 1A, “Risk Factors” of our
subsequently filed Quarterly Reports on Form 10-Q. 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.
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Investor relations
Matt Seinsheimer Vice President, Investor Relations Tel: +1 281
260 3665 Email: Matt Seinsheimer
James Davis Senior Manager, Investor Relations Tel: +1 281 260
3665 Email: James Davis
Media relations
Nicola Cameron Vice President, Corporate Communications Tel: +44
1383 742297 Email: Nicola Cameron
Catie Tuley Director, Public Relations Tel: +1 281 591 5405
Email: Catie Tuley
TechnipFMC (NYSE:FTI)
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