TechnipFMC PLC announced Dec. 12 that its board approved an additional US$300 million share repurchase program to be implemented through open market purchases in a bid to reduce its issued share capital.

Under the program, the company will repurchase up to US$300 million of its ordinary shares, which will then be canceled and not held as treasury shares. The company will not be obligated to acquire any particular amount of shares, and the program may be suspended or discontinued at Technip's discretion.

In addition, the London-based oilfield services company said it remains committed to completing its existing $500 million share repurchase program, announced Sept. 25, 2017, which is expected finish by the end of 2018.