Subsea7 Expands Share Buyback Program Amid Market Trends
Subsea7 Announces Share Buyback Activities
Subsea 7 S.A. today shared the details of its ongoing share repurchase program, which has shown a significant development in its efforts to strengthen shareholder value. As a leading company in the offshore energy sector, Subsea 7 continues to demonstrate viable strategies for growth and confidence in its future.
Details of the Share Repurchase Program
The program initially announced on 25 July 2019 underwent a two-year extension as of 19 April 2023. It will continue until 18 April 2025, allowing the company more time to navigate the market while buying back shares. From 30 September 2024 to 4 October 2024, Subsea 7 has actively repurchased 240,000 shares on the Oslo Stock Exchange, averaging NOK 175.5239 per share.
Transaction Overview
The latest transactions under this share repurchase program reflect a proactive approach to managing the company’s equity. Each transaction has been carefully executed to maximize benefits for shareholders while maintaining financial responsibility.
Week of Activity
This recent buying spree occurred over a four-day period. Let’s take a closer look at the specific transactions made during this timeframe:
- 1 October 2024: The company bought back 61,500 shares at an average price of NOK 170.8471.
- 2 October 2024: Acquired 59,500 shares with a higher average price of NOK 177.2095.
- 3 October 2024: The company purchased 60,000 shares at NOK 175.6141.
- 4 October 2024: Concluded with the buyback of 59,000 shares at the highest average price during this period of NOK 178.6072.
These transactions highlight the company’s commitment to enhancing its capital structure, demonstrating value creation for its investors.
Current Ownership and Future Plans
Following the completion of these recent transactions, Subsea 7 now holds a total of 5,125,804 own shares, representing approximately 1.70% of its entire issued share capital. The company had a total of 302,188,272 shares in circulation, highlighting the scale of its operations within the market.
A Look Ahead
Subsea 7’s decision to continue its share repurchase program is aligned with its broader vision of creating long-term sustainable value. With ongoing developments in the global energy landscape, this strategy allows the company to adjust according to market conditions while bolstering investor confidence.
About Subsea7
As a global leader in offshore projects and services for the evolving energy industry, Subsea7 remains dedicated to fostering innovation and sustainability. The company strives to be the partner of choice, offering efficient offshore solutions. Subsea7 is listed on the Oslo Børs under the ticker SUBC.
Contact Information
For enquiries regarding the share repurchase program or other investor-related questions, please contact:
Katherine Tonks
Head of Investor Relations
Tel +44 20 8210 5568
ir@subsea7.com
Frequently Asked Questions
What is the purpose of the share repurchase program?
The share repurchase program is designed to enhance shareholder value by reducing the number of outstanding shares, thereby increasing earnings per share.
How many shares has Subsea7 repurchased recently?
During the week of 30 September 2024 to 4 October 2024, Subsea7 repurchased a total of 240,000 shares.
What is the average price of shares repurchased by Subsea7?
The average price paid for shares repurchased during this period was NOK 175.5239 per share.
How many shares does Subsea7 hold after the repurchases?
After the recent transactions, Subsea7 holds a total of 5,125,804 of its own shares.
When does the share repurchase program end?
The current share repurchase program is set to run until 18 April 2025.
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