TechnipFMC Announces Actions to Address Market Conditions, Annual General Meeting Update
TechnipFMC plc Ordinary Share (FTI)
Last technipfmc plc ordinary share earnings: 4/22 04:15 pm
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Source: Business Wire
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:TechnipFMC plc (NYSE: FTI) (Paris: FTI) today announced that it remains focused on taking all necessary steps to ensure the health and well-being of its employees, contractors and partners, and it is taking decisive actions in response to the current market environment. These actions include the following:30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when compared to the Company’s previous full-year guidance.$100+ million in annualized cost reductions for Surface Technologies – primarily to address the sudden and sharp decline in North American activity.$30 million in annualized cost reductions to Corporate expenses – exit run-rate savings to be achieved by year-end, with full recognition in 2021.TechnipFMC continues to exhibit solid financial strength and liquidity. Cash and cash equivalents totaled $5.2 billion at the end of 2019, of which $2.2 billion was available for Company
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