TechnipFMC Announces $400m Share Repurchase Authorization
TechnipFMC (NYSE: FTI) 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.
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