Hornbeck Offshore authorizes US$150 million share repurchase programmeCompany News // November 3, 2014
Hornbeck Offshore Services has announced that its Board of Directors has authorized the company to repurchase up to US$150 million in shares of its common stock from time to time.
The repurchase programme will be funded from the company's cash on-hand, cash flow from operations and/or cash proceeds from the divestiture of non-core assets.
The company is authorized to use different methods and plans to make the repurchases, including, but not limited to, open-market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans.
The timing and amount of the repurchases will depend on several factors, such as market conditions, applicable legal requirements, available liquidity, the discretion of management and other appropriate factors.
The repurchase programme does not obligate Hornbeck Offshore to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time.