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Share Repurchases

On 27 February 2019, the Board of Directors authorised a new share repurchase programme of up to USD 200 million.  The share repurchases are to be carried out over two years and the repurchased shares will be held in treasury.

Four share repurchase programmes have been completed 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 program 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.
     

Following the EGM held on 17 April 2019 the terms of the Company’s $200 million share repurchase programme, that was announced on 28 February 2019, were updated in accordance with the authority granted to the Board of Directors.  The authority grants the Board of Directors authority to repurchase Company shares and cancel such purchased shares on or before 17 October 2021. For further details on this authority please refer to the minutes of the EGM held on 17 April 2019 here.

Since 1 January 2019, the Company repurchased as set forth in the table hereafter. For further details on repurchase transactions, please refer to the relevant press releases here

Share repurchase summary for 2019

No. of acquired shares Average price NOK Purchased value NOK USD equivalent [1]
7,848,338 100.34 787,483,481 91,387,842

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

Share repurchase summary for prior years

Financial year No. of acquired shares Average price NOK Purchased value NOK USD equivalent [1]
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

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

Share repurchase programmes

Programme authorisation date No. of acquired shares Average price NOK Purchased value NOK USD equivalent(4)
27/02/2019(1) 3,307,338 108.03 357,298,378 41,611,944
31/07/2014(2) 17,963,355 88.58 1,591,230,676 199,706,552
07/10/2013(3) 10,710,315 112.54 1,205,371,477 198,796,173
16/03/2012(3) 8,567,073 136.12 1,166,138,071 199,599,672
15/06/2011(3) 2,512,135 130.94 328,929,223 59,966,609

[1] Programme is valid for 24 months from authorisation date 

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

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

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