Subsea 7 acquires its own sharesCompany News // November 14, 2013
Subsea 7 has announced that on November 13 2013 the company purchased 115,800 of its shares at an average price of NKr 124.93 per share. This represents approximately 0.03 per cent of the company’s issued share capital.
The shares were purchased in accordance with the Company’s share repurchase programme previously announced on October 7, 2013. The shares have been acquired on the Oslo Børs according to the authority granted by the Board.
As at November 14, 2013, Subsea 7 held indirectly 9,844,785 treasury shares representing 2.80 per cent of the total number of issued shares.
In addition, 1,526,200 shares were held in an employee benefit trust to support the Long-Term Incentive Plan and a further 716,154 shares were held in a separate employee benefit trust to support the restricted stock award plan.