TechnipFMC (FTI) Announces $400M Share Buyback

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.

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