Seadrill Initiates New Share Buy-back Program
London, 16 December 2023, (Oilandgaspress): – Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) recently completed its $250 million share repurchase program which was announced in September 2023.
As announced on November 27, 2023, the Board of Directors of the Company authorized additional share repurchases, allowing the repurchase of up to a further $250 million of its outstanding common shares. The Company is not obligated to repurchase any shares under the program. The additional authorization has no set time limit.
In furtherance of the November 2023 authorization, the Company announced today that it has put in place an agreement with Fearnley Securities AS and its subsidiary, Fearnley Securities, Inc. (“Fearnley”), for the repurchase of the Company’s common shares in open market transactions on the OSE and the NYSE. Under this agreement, Fearnley will make its own trading decisions independently of, and uninfluenced by, the Company, subject to instructions provided by the Company in the agreement.
In order to comply with the European Market Abuse Regulation, the Company has provided the following required information: (i) under the repurchase program, as may be effected under the Fearnley agreement, the Company may repurchase up to $250 million of its common shares during the period from December 14, 2023 until no later than September 30, 2024 (subject also to a maximum limit of 10 million shares), and (ii) the purpose of the repurchase program is to reduce the number of common shares of the Company outstanding and to provide a return to Company shareholders. The Company cannot predict how many shares will be repurchased, if any, under the agreement with Fearnley, or the timing of any repurchase or the price that will be paid for any shares repurchased under the agreement.
The repurchase program will be completed in accordance with Regulation (EU) 2016/1052.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and article 5 of the European Market Abuse Regulation.
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