SDRL - Seadrill Limited Initiates Previously Announced Share Repurchase Program | Benzinga
HAMILTON, Bermuda, Sept. 12, 2023 /PRNewswire/ -- As previously announced, the Board of Directors of Seadrill Limited ("Seadrill" or the "Company") (NYSE:SDRL) (OSE: SDRL) authorized a share repurchase program that allows the Company to repurchase up to $250 million of its outstanding common shares. The Company is not obligated to repurchase any shares under the program. The program has no set time limit.
In furtherance of the program, Seadrill announced today that it has put in place an agreement with Arctic Securities AS and its subsidiary, Arctic Securities LLC ("Arctic"), for the repurchase of the Company's common shares in open market transactions on the OSE and the NYSE. Under this agreement, Arctic will make its own trading decisions independently of, and uninfluenced by, Seadrill, subject to instructions provided by Seadrill 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 Arctic agreement, the Company may repurchase up to $250 million of its common shares during the period from September 12, 2023 until March 31, 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 Arctic, 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.
Contact information
For additional information, visit www.seadrill.com.
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com
About Seadrill Limited
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