Margareth Øvrum
TechnipFMCAbout Margareth Øvrum
Independent non‑executive director of TechnipFMC (FTI), age 66, serving since 2020 (current board tenure ~4 years). She brings 39+ years of operating and technology leadership at Equinor (formerly Statoil), including EVP roles across Technology, Projects & Drilling and Development & Production Brazil; notably the first female and youngest platform manager on the Gullfaks field in 1993. At TechnipFMC, she serves on the Environmental, Social & Governance (ESG) Committee; the Board determined she is independent under NYSE standards and she attended 100% of Board and committee meetings in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Equinor ASA (formerly Statoil) | EVP, Development & Production Brazil | 2018–2020 | Led Brazil operations; international execution capability |
| Equinor ASA | President, Equinor Brazil | 2018–2020 | Country leadership; stakeholder engagement |
| Equinor ASA | EVP, Technology, Projects & Drilling | 2011–2018 | Oversaw major projects, drilling, technology strategy |
| StatoilHydro | EVP, Technology & New Energy | 2007–2011 | Advanced new energy initiatives; technology oversight |
| Statoil | EVP, Technology & Projects | 2004–2007 | Project portfolio stewardship |
| Statoil | EVP, Health, Safety & Environment | 2004 | HSE leadership; foundational safety expertise |
| Statoil | Senior VP, Ops Support, E&P Norway | 2000–2003 | Operations support leadership |
| Statoil | Senior VP, Operations, Veslefrikk | 1996–1999 | Field operations management |
| Statoil | Offshore Installation Manager (Gullfaks) | 1993–1996 | First female and youngest platform manager; operational excellence |
| Statoil | Production & Maintenance Superintendent; Dept/Section Head roles; Strategic Analysis | 1982–1993 | Progressive technical and planning leadership |
External Roles
| Company | Role | Status | Notes / Interlocks |
|---|---|---|---|
| FMC Corporation | Director | Current | TechnipFMC and FMC are parties to separation and joint litigation defense agreements; Board reviewed ordinary‑course commercial relationships and affirmed independence |
| Harbour Energy plc | Director | Current | Upstream energy exposure; no FTI related‑party transaction >$120k since 2024 |
| Transocean Ltd. | Director | Current | Offshore drilling; company appears in FTI’s Compensation Peer Group; Board reviewed ordinary‑course relationships; independence maintained |
Board Governance
- Committee assignments: Member, ESG Committee; ESG met 4 times in 2024. ESG oversees corporate sustainability strategy, compliance program (allegation reporting/investigation), director nominations/independence, committee assignments, and annual Board/committee evaluations .
- Attendance & engagement: Board met 4 times; Øvrum attended 100% of Board and ESG Committee meetings; she also attended the 2024 Annual Meeting .
- Independence: The ESG Committee and Board affirm Øvrum’s independence under NYSE standards; ordinary course relationships linked to her external boards (e.g., FMC Corp., Transocean) did not affect independence based on nature, dollar amounts, and her role .
- Board leadership: Combined Chair/CEO with robust Lead Independent Director; regular executive sessions of independent directors; fully independent Audit, Compensation & Talent (C&T), and ESG Committees .
Fixed Compensation
| Component (2024) | Amount | Detail / Mechanics |
|---|---|---|
| Annual cash retainer | $105,000 | Standard non‑executive director retainer |
| Committee membership fees | $10,000 | $2,500 per meeting × 4 ESG meetings (member, not chair) |
| All other compensation | $3,370 | Spousal travel (Øvrum) |
| Total fees earned (cash) | $115,000 | Retainer + committee meeting fees |
| Lead Independent Director / Chair fees | N/A | ESG chair fee ($15,000) applies to chair; Øvrum is a member |
- Director cash program adjustments: Effective Jan 1, 2024, Board approved +$5,000 to the annual cash retainer and +$10,000 to the annual equity grant to align with peer median .
Performance Compensation
| Equity Award (2024) | Grant Value | Vesting / Settlement | Key Terms |
|---|---|---|---|
| RSUs (annual grant) | $185,000 | Vest after 1 year of service; settle in Ordinary Shares on director‑elected date (1–10 years post‑grant or upon separation) | Elections made before grant year; irrevocable after Dec 31 prior year; dividend equivalents accrue; 2024 valuation used $19.72 NYSE close on Feb 16, 2024; RSUs fully vest on death/disability/change in control |
Note: Non‑executive director equity is time‑based (no performance metrics). FTI currently does not grant stock options to directors .
Other Directorships & Interlocks
| External Board | Potential Exposure to FTI | Board Determination |
|---|---|---|
| FMC Corporation | Legacy agreements (separation and joint litigation defense); potential ordinary‑course interactions | Independence unaffected; transactions reviewed by ESG Committee |
| Transocean Ltd. | Industry counterpart; appears in FTI Compensation Peer Group | Independence unaffected; ordinary‑course relationships reviewed |
| Harbour Energy plc | Customer/operator exposure in energy value chain | No related person transactions >$120,000 since 2024 |
Expertise & Qualifications
- Deep operating leadership across offshore platforms, technology, projects, drilling, and HSE; extensive international experience in Norway and Brazil aligned with FTI operating geographies .
- Board skills matrix flags: Sustainability/emerging technologies; environmental risk management; oil & gas industry expertise; international experience .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (Ordinary Shares and vested deferred shares) | 75,147 | As of Mar 3, 2025, directors’ totals include vested deferred shares; Øvrum shows 75,147 |
| Percent of shares outstanding | ~0.0179% | 75,147 / 420,571,563 outstanding Ordinary Shares; table reports “<1%” |
| Total outstanding RSUs (12/31/2024) | 75,147 | Director RSU balance |
| Vested but not settled RSUs | 65,766 | Deferred settlement per director election |
| Unvested RSUs (derived) | 9,381 | 75,147 total – 65,766 vested (derived) |
| Ownership guidelines | 5× annual cash retainer; 5-year compliance window | All directors met ownership requirements as of 12/31/2024 |
| Hedging/pledging | Prohibited for directors, officers, employees | Insider Trading Policy bans hedging and pledging |
Governance Assessment
- Board effectiveness and oversight: Øvrum’s ESG Committee role aligns with her HSE and technology background; the committee’s remit covers sustainability strategy, compliance program oversight, nominations/independence, and evaluations—supporting robust governance controls .
- Independence & attendance: Affirmed independent under NYSE; 100% attendance; no related‑party transactions >$120,000 since 2024; ordinary‑course relationships linked to external boards reviewed with independence maintained .
- Alignment: Meaningful director equity ($185k RSUs annually) with deferral features and stringent ownership guidelines (5× retainer) enhance long‑term alignment; hedging/pledging prohibitions reduce misalignment risks .
- Compensation signals: Modest increases in 2024 retainer (+$5k) and equity (+$10k) reflect peer alignment without excessive guarantees; director compensation remains a mix of cash and time‑vested equity; no stock options granted .
RED FLAGS / Watch items
- Cross‑board relationships: External directorships at FMC Corporation and Transocean—both with potential ordinary‑course interactions—require ongoing monitoring; Board reviewed and affirmed independence, but interlock risk should remain on the watch list .
- HSE incident context: Company disclosed a workplace fatality and below‑target “Safe Days” in 2024; given Øvrum’s HSE background and ESG Committee role, investors may expect continued Board oversight and measurable improvements in HSE metrics .
Additional board context: Say‑on‑pay support was 86% at the 2024 AGM; shareholder engagement covered compensation design and sustainability oversight—indicating constructive investor dialogue on governance topics .