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Share Repurchases

Three share repurchase programmes have been completed since 2011 and one is ongoing. The ongoing share repurchase programme for up to US$200 million and for a maximum of up to 33,216,706 common shares, was initially authorised on 30 July 2014 and was extended for a further 24 months on 25 July 2017. 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 amendments to the Company’s Articles of Incorporation approved by shareholders at an Extraordinary General Meeting held on 27 November 2014, the Company cancelled 19,626,664 repurchased shares and intends to periodically cancel shares repurchased under its share repurchase programmes, thereby reducing the Company’s issued share capital accordingly.

Since 1 January 2018, the Company repurchased as set forth in the table hereafter. For further details on repurchase transactions, please refer to the relevant press releases here. There have not been any share repurchases in 2017 under the ongoing repurchase programme.

Share repurchase summary for 2018

No. of acquired shares Average price NOK Purchased value NOK USD equivalent [1]
7,369,699 96.61 712,016,597 85,471,773

[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 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[3]
31/07/2014(1) 12,642,355 86.81 1,097,516,261 142,542,195
07/10/2013(2) 10,710,315 112.54 1,205,371,477 198,796,173
16/03/2012(2) 8,567,073 136.12 1,166,138,071 199,599,672
15/06/2011(2) 2,512,135 130.94 328,929,223 59,966,609

[1] The 2014 programme is valid until July 2019

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

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