Subsea 7 repurchases own sharesCompany News // December 2, 2013
Subsea 7 has announced that on November 29 2013 the company purchased 250,000 of its shares at an average price of NKr 119.11 per share. This represents approximately 0.07 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 close of business November 29, 2013, Subsea 7 held indirectly 12,033,382 treasury shares representing 3.42 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 716,047 shares were held in a separate employee benefit trust to support the restricted stock award plan. Total shares in issue, including treasury shares, were 351,793,731.