Subsea Company, TechnipFMC plc., have announced their intention to implement a large-scale share repurchase programme, appointing an investment service provider.
Approved by the company’s board of directors yesterday, under the programme TechnipFMC is authorized to repurchase up to $500million of ordinary shares by the year end of 2018.
The repurchase programme on the New York Stock Exchange (NYSE) and Euronext Paris represents a maximum of 18,504,811 shares based on the NYSE closing share price on 25 September 2017.
The objective of the repurchase is to reduce TechnipFMC’s issued share capital.