TechnipFMC plc announced on September 25, 2017 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”).
Under the Share Repurchase Program, TechnipFMC is authorized to repurchase up to $500 million of its ordinary shares by the end of 2018. 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. As of September 25, 2017, 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.
The Share Repurchase Program shall be conducted pursuant to article 5 of Regulation (EU) No. 596/2014 of the European parliament (the “European Market Abuse Regulation”) and Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended. In accordance with the European Market Abuse Regulation, TechnipFMC informs the market on the progress made in the execution of this program through weekly press releases and updates on its website. The share repurchase program does not obligate TechnipFMC to acquire any amount of shares, and it may be suspended at any time by the company.
Share Repurchase Program – Weekly Report