TechnipFMC implements share repurchase of up to $500M
TechnipFMC announced the implementation of a share repurchase program on the New York Stock Exchange and Euronext Paris, where TechnipFMC's ordinary shares are traded, as previously approved by its Board of Directors on April 25, 2017. TechnipFMC has appointed an investment services provider in order to implement the Share Repurchase Program. Under the Share Repurchase Program, TechnipFMC is authorized to repurchase up to $500M of its ordinary shares by the end of 2018, which as of 25 September 2017 represents a maximum of 18,504,811 shares based on the NYSE closing share price on such date. 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. 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.