Bermuda-based Foster Wheeler Ltd. on Friday said its board of directors has authorised a common share repurchase programme.

Under the programme, the company is authorized to repurchase up to $750 million of its outstanding common shares.

"We have stated and continue to believe that growth, including acquisition, is our first priority for the use of cash," said Raymond Milchovich, the company's chairman and chief executive officer.

"However, we believe this growth strategy can co-exist with a buyback programme.

"We believe the buyback programme presents us with a compelling opportunity for the creation of shareholder value, especially at a time when we have a very bullish outlook for the company.

"In particular, we have generated two consecutive quarters of all-time record net income this year; both business groups are operating extremely well; fundamental market demand continues to be very strong and unchanged; we have accumulated record levels of cash; and the prospects for continued business growth and cash generation continue to be excellent."