Subsea 7 S.A. has announced that the Company’s $200 million share repurchase programme, previously announced on 7 October 2013, has been completed. The cumulative number of shares repurchased as part of this programme was 10,710,315 for a total consideration of $198.8 million.
The Company’s Board of Directors yesterday authorised a further share repurchase programme of up to $200 million. The share repurchases are to be carried out over the next twelve months and the repurchased shares will be held in treasury.
Shares will be repurchased in the open market on the Oslo Børs. This share repurchase programme is in accordance with the authorisation granted to the Board of Directors at the Annual General Meeting of the Company on 27 May 2011. Under the Authorisation, the Company or any direct or indirect wholly-owned subsidiary of the Company, is authorised to purchase shares subject to the maximum price to be paid for such shares not exceeding the average closing price for such shares on the Oslo Børs for the five most recent trading days prior to such purchase and the minimum price to be paid for such shares shall not be less than the par value (i.e. $2.00 per share) thereof and further provided such purchases are in conformity with Article 49-2 of the Luxembourg Company Law, the Authorisation being granted for purchases completed on or before 26 May 2016.
As at close of business on 30 July 2014 Subsea 7 S.A. held indirectly 20,132,497 treasury shares representing approximately 5.72% of the total number of issued shares. In addition, 1,526,200 shares were held in an employee benefit trust to support the Long-Term Incentive Plan and a further 580,792 shares were held in a separate employee benefit trust to support the restricted stock award plan. The Company currently has 351,793,731 shares in issue.