On 25 July 2019, the Board of Directors authorised a share repurchase programme of up to $200 million, valid for two years. On 14 April 2021, this authorisation was extended until 14 April 2023. This is the sixth share repurchase programme since 2011.
Repurchased shares are initially held by the Group in treasury and those shares so held are excluded from the calculation of earnings per share.
The common shares repurchased under the programmes are intended to:
- satisfy obligations arising from employee share option programs, or other allocations of shares, to employees or to members of management including the Company’s long term incentive plan;
- be cancelled thereby reducing the issued share capital.
At the EGM held on 14 April 2021 authority was granted to the Board of Directors to repurchase up to 30,000,000 Common Shares of the Company (being 10% of the issued Common Shares on that date) and cancel such purchased shares on or before 14 October 2023. For further details on this authority please refer to the minutes of the EGM held on 14 April 2021 here.
Share repurchase summary for 2022
|No. of acquired shares||Average price NOK||Purchased value NOK||USD equivalent(1)|
Share repurchase summary for prior years
|Financial year||No. of acquired shares||Average price NOK||Purchased value NOK||USD equivalent(1)|
|Total for 2021||2,724,172||66.1159||180,111,075||19,996,394|
|Total for 2020||1,627,968||56.38||91,783,055||9,809,944|
|Total for 2019||21,056,838||102.38||2,155,886,611||249,613,640|
|Total for 2018||8,149,699||95.20||775,838,707||92,915,016|
|Total for 2017
|Total for 2016||nil||n.a.||nil||nil|
|Total for 2015||815,578||71.3||58,154,555||7,554,183|
|Total for 2014||10,517,017||93.33||981,537,530||157,066,228|
|Total for 2013||4,650,376||118.46||550,886,258||91,161,116|
|Total for 2012||8,567,073||136.12||1,166,138,071||199,599,672|
|Total for 2011||2,512,135||130.94||328,929,223||59,966,609|
Share repurchase programmes
|Programme authorisation date||No. of acquired shares||Average price NOK||Purchased value NOK||USD equivalent(1)|
 Calculated using the exchange rate prevailing on the date of repurchase
 The July 2019 programme is valid until 14 April 2023.
 The February 2019 programme was completed on 11 July 2019
 The 2014 programme validity was extended until July 2019 and was completed on 19 February 2019
 Programme was valid for twelve months from authorisation date