NEWCASTLE & HOUSTON, July 27, 2022 鈥� 黄瓜视频app (NYSE: FTI) (鈥溁乒鲜悠礱pp鈥� or the 鈥淐ompany鈥�) 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鈥檚 closing price.
Doug Pferdehirt, 黄瓜视频app鈥檚 Chair and CEO, stated, 鈥淭he 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.鈥�
The share repurchase program is in accordance with the authorization granted by 黄瓜视频app鈥檚 shareholders on May 20, 2021.
The Company expects to make share repurchases from time to time subject to the Company鈥檚 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鈥檚 discretion.
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About 黄瓜视频app
黄瓜视频app is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients鈥� project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments 鈥� Subsea and Surface Technologies听鈥� we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI鈩�, iFEED鈩� and iComplete鈩�), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients鈥� success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
黄瓜视频app uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to and follow us on Twitter @黄瓜视频app.
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Forward-Looking Statements
This press release contains 鈥渇orward-looking statements鈥� as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as 鈥済uidance,鈥� 鈥渃onfident,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥減lan,鈥� 鈥渋ntend,鈥� 鈥渇oresee,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渓ikely,鈥� 鈥減redicated,鈥� 鈥渆stimate,鈥� 鈥渙utlook鈥� and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking.听 These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC to act as depository and clearing agencies for our shares; the United Kingdom鈥檚 withdrawal from the European Union; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; the risks caused by fixed-price contracts; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; our failure to deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; the risks of pirates endangering our maritime employees and assets; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with numerous laws and regulations, including those related to environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us, including intellectual property litigation; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; the uncertainties related to the anticipated benefits or our future liabilities in connection with the spin-off of Technip Energies (the 鈥淪pin-off鈥�); any negative changes in Technip Energies鈥� results of operations, cash flows and financial position, which impact the value of our remaining investment therein; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rate and risk in connection with our defined benefit pension plan commitments and other risks as discussed in Part I, Item 1A, 鈥淩isk Factors鈥� of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Part II, Item 1A, 鈥淩isk Factors鈥� of our subsequently filed Quarterly Reports on Form 10-Q. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
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Contacts
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer
James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: James Davis
Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: Nicola Cameron
Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
Email: Catie Tuley
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