TechnipFMC Cuts Executive Pay and Dividend

Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak.

The Franco-American firm, whose clients include major companies in the oil and gas sector, said it had increased its cost savings target to more than $350 million this year from the $130 million it announced on April 1.

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