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Share Repurchases

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 2021

No. of acquired shares Average price NOK Purchased value NOK USD equivalent(1)
2,343,882 66.3367 155,485,294 18,263,388

Share repurchase summary for prior years

Financial year No. of acquired shares Average price NOK Purchased value NOK USD equivalent(1)
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
nil n.a. nil nil
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)
25/07/2019(2) 1,627,968  56.38  91,783,055 9,809,944
27/02/2019(3) 16,515,838
104.49
1,725,701,507
199,837,742
31/07/2014(4) 17,963,355 88.58 1,591,230,676 199,706,552
07/10/2013(5) 10,710,315 112.54 1,205,371,477 198,796,173
16/03/2012(5) 8,567,073 136.12 1,166,138,071 199,599,672
15/06/2011(5) 2,512,135 130.94 328,929,223 59,966,609

[1] Calculated using the exchange rate prevailing on the date of repurchase

[2] The July 2019 programme is valid until 14 April 2023.

[3] The February 2019 programme was completed on 11 July 2019

[4] The 2014 programme validity was extended until July 2019 and was completed on 19 February 2019

[5] Programme was valid for twelve months from authorisation date