Share buy-back at Subsea 7Company News // June 22, 2011
Subsea 7 has announced that on June 20 2011 the company purchased 352,000 of its shares at an average price of NKr 130.62 per share. This represents approximately 0.10 per cent of the company’s issued share capital.
The shares were purchased in accordance with the company’s share repurchase programme which was announced on June 15, 2011.
The shares were acquired on the Oslo Børs according to the authority granted by the Board.
As at June 21, 2011, Subsea 7 SA held indirectly 8,547,781 treasury shares, representing 2.40 per cent of the total number of issued shares.
In addition, 583,000 shares were held in an employee benefit trust to support the 2009 Long-Term Incentive Plan and a further 1,612,140 shares were held in a separate employee benefit trust to support the restricted stock award plan.
The number of total shares in issue, including treasury shares, of 351,793,731 shares remains unchanged.