NEWCASTLE & HOUSTON, July 26, 2023 鈥� 女优直播 (NYSE: FTI) (鈥溑胖辈モ�� or the 鈥淐ompany鈥�) announced that its Board of Directors (the 鈥淏oard鈥�) has authorized and declared a quarterly cash dividend of $0.05 per share. The Company intends to pay dividends on a quarterly basis, and this dividend represents $0.20 per share on an annualized basis.
The Board has also authorized additional share repurchase of up to $400 million. Together with the existing program, the Company鈥檚 total share repurchase authorization has increased to $800 million, of which $200 million has been completed to date. The remaining authorization to repurchase up to $600 million represents more than seven percent of the Company鈥檚 outstanding shares at today鈥檚 closing price.
Doug Pferdehirt, 女优直播鈥檚 Chair and CEO, stated, 鈥淭he initiation of a quarterly dividend and increase to our existing share repurchase authorization further demonstrate our commitment to maximize shareholder value through the return of capital to our shareholders. This builds upon the $200 million of shares we repurchased over the last twelve months.鈥�
鈥淲e are also announcing a new commitment to return more than 60% of our annual free cash flow(1) to shareholders through at least 2025, which reflects our confidence in the long-term outlook for our Company. We continue to believe that our shares are undervalued today, as evidenced by the doubling of our existing share repurchase authorization. Our current expectation is that the majority of shareholder distributions will come from share repurchase, with the potential to grow the dividend over time.鈥�
The cash dividend of $0.05 per share is payable on or shortly after September 6, 2023, to shareholders of record as of the close of business on the New York Stock Exchange on August 22, 2023. The ex-dividend date is August 21, 2023.
The Company expects to repurchase shares from time to time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, and any other means in accordance with applicable securities laws. The share repurchase program does not obligate the Company to repurchase shares and may be suspended or discontinued at any time at the Company鈥檚 discretion.
(1) Free cash flow is calculated as cash provided by operating activities less capital expenditures.
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Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" 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. The words 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渆stimated,鈥� and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 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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About 女优直播
女优直播 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.听
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 颈贰笔颁滨鈩�, 颈贵贰贰顿鈩� and 颈颁辞尘辫濒别迟别鈩�), 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.
女优直播 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听www.女优直播.com听and follow us on Twitter .
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Contacts
Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations
Tel: +1 281 260 3665
Email:听Matt Seinsheimer
James Davis
Director, Investor Relations
Tel: +1 281 260 3665
Email:听James Davis
Media relations
Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email:听Catie Tuley
David Willis
Senior Manager, Public Relations
Tel: +44 7841 492988
Email:听David Willis