Subsea 7 Board of Directors authorised a new share repurchase programme of up to USD 200 million.
The share repurchases are to be carried out within two years and the repurchased shares will be held in treasury and will be cancelled or used to fulfill obligations under Subsea 7’s employee share-based payment schemes.
Shares will be repurchased in the open market on the Oslo Stock Exchange.
This share repurchase programme is in accordance with the authorisation granted to the board of directors at the extraordinary general meeting of the company on 27 November 2014.
Under the authorisation, the company or any direct or indirect wholly-owned subsidiary of the company, is authorised to purchase shares at a volume not exceeding 10% of the issued share capital in aggregate.
In addition, the board will recommend to the shareholders at the annual general meeting in April this year that a special dividend of NOK 1.50 per share be paid, equivalent to a total dividend of approximately USD 55 million.