FMC Technologies, Inc. announced that its Board of Directors has approved the repurchase of 15 million shares of its issued and outstanding common stock.
This program is in addition to the Company’s existing share repurchase program, which had 3.3 million shares available for purchase as of September 30, 2011.
The timing and amount of any repurchases will depend on market conditions. The Company intends to hold repurchased shares in treasury for general corporate purposes, including issuances under its stock-based compensation plan.
FMC Technologies, Inc. is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World’s Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 13,500 employees and operates 27 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry.
Subsea World News Staff , December 15, 2011; Image: FMC Technologies