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- Offshore drilling contractor Seadrill (NYSE:SDRL) on Tuesday announced that it has completed the $250 million share repurchase program initiated in December 2023 and will cancel the acquired shares.
- As an initial step under the new repurchase program, the Board has authorized the company to purchase up to $200 million of the company’s common shares by September 30, 2024, and Seadrill (SDRL) has entered an agreement with DNB Markets to effect the First Tranche in open market transactions on the OSE and the NYSE.
- Seadrill (SDRL) will commence the First Tranche on June 26, 2024, and will complete the First Tranche by September 30, 2024; provided, however, that the company may discontinue or suspend the repurchases under the First Tranche at any time without notice.
- Repurchases in the First Tranche will be conducted through a 10b5-1 plan and a side-by-side discretionary plan set up through the agreement with DNB.
- Aggregate repurchases under the First Tranche are capped at $200 million, with individual caps of $200 million under the 10b5-1 plan and $100 million under the discretionary plan.
Source: Press Release