Share repurchase program
TechnipFMC plc (“TechnipFMC”) announced on September 25, 2017 the implementation of a $500 million 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. TechnipFMC completed repurchases under this $500 million share repurchase program on December 18, 2018.
TechnipFMC announced on December 12, 2018 that the Board of Directors approved an additional $300 million share repurchase program (the “Share Repurchase Program”) also to be implemented on the NYSE and Euronext Paris.
The Share Repurchase Program is 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, represented a maximum of 14,570,179 shares based on the NYSE closing share price on such date. As of December 11, 2018, TechnipFMC does not 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 is 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 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 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.