Subsea 7 updates share repurchase arrangementCompany News // December 8, 2014
Subsea 7 has announced that the terms of the company’s US$200 million share repurchase programme, previously announced on 31 July 2014, have been updated in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting of shareholders held on 27 November 2014.
On 27 November 2014, the Extraordinary General Meeting of shareholders decided to renew and extend the authority delegated to the board to buy back shares, with authorisation to cancel Common Shares repurchased under that authority.
The authorisation to cancel repurchased shares will apply to shares repurchased after 27 November 2014 under the current share repurchase programme. The other terms of the current share repurchase programme remain unchanged.