Acquisition of own shares under executive share scheme

In connection with the termination of an executive share scheme (the "Scheme") Siem Offshore Inc has on 20 December 2019 acquired a total of 7,282,603 of its own shares. In accordance with SIOFF's obligations under the terms of the Scheme, the shares have been acquired at a price of NOK 3,70 per share. Following the acquisition, SIOFF owns 7,282,603 of its own shares. The reacquired shares will be cancelled as soon as possible. The shares have been acquired from two former executives and from CFO Dagfinn B. Lie, who has sold 1,528,161 shares. After this sale, Lie holds 10,000 shares in SIOFF. The termination of the executive share scheme will have an immaterial accounting effect due to earlier accruals made for the program. The cash effect is estimated to $ 0.7 million
 

Published 31-01-2020 in the Investor category
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