GlobeNewswire

Equinor launches a USD 5 billion share buy-back programme

Share

Equinor (OSE: EQNR, NYSE: EQNR) is launching a share buy-back programme of up to USD 5 billion over a period until the end of 2022. The first tranche of the programme of around USD 1.5 billion is commencing today and will end no later than 25 February 2020.

“Equinor is committed to capital distribution to our shareholders. We have over the last years built a strong financial position with solid credit ratings and a net debt ratio around 20%. The upcoming start-up of the world-class Johan Sverdrup field, combined with several other new fields in production, provides additional confidence in our outlook for production growth and increased cash generation capacity. We are therefore in a good position to increase capital distribution, while continuing to invest in our high-quality project portfolio”, says Eldar Sætre, President and CEO of Equinor ASA.

“Following strong operational improvements over recent years, we increased the quarterly dividends by 13% this year. Utilising share buy-backs as an additional tool to strengthen capital distribution is aligned with our dividend policy”, says Equinor’s Chief Financial Officer, Lars Christian Bacher.

The share buy-back programme of up to USD 5 billion, including shares to be redeemed from the Norwegian State, is intended to be executed in the market until the end of 2022. Based on the closing Equinor share price and the USD/NOK exchange rate on 4 September 2019 the full programme represents around 292 million shares or around 8.7 % of the share capital. The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled.

According to an agreement between Equinor and the Norwegian State, represented by the Ministry of Petroleum and Energy, the Norwegian State will participate in share buy-backs on a proportionate basis, ensuring that its ownership interest in Equinor remains unchanged at 67%.

The share buy-back programme will be structured into tranches where Equinor will buy back a certain USD value of shares over a certain period. For the first tranche, running from 5 September 2019 up to no later than 25 February 2020, Equinor is entering into a non-discretionary agreement with a third party who will make its trading decisions independently of the company. In this first tranche, shares for up to USD 500 million will be purchased in the market, implying a total first tranche of around USD 1.5 billion including redemption of shares from the Norwegian State.

The execution of further tranches of the programme will be notified to the market and is conditional upon future annual general meetings renewing the authorisation to buy back own shares and renewal of the agreement with the Norwegian State. Future tranches are also subject to commodity price conditions and balance sheet strength.

As described in the dividend policy, it is Equinor’s ambition to grow its annual cash dividend, measured in USD per share, in line with long term underlying earnings growth. In addition to cash dividend, the dividend policy outlines that Equinor might buy back shares as part of total distribution of capital to shareholders.

Further information about the share buy-back programme and the first tranche:

The first tranche of the share buy-back programme is based upon the authorisation to purchase own shares granted to the Board of Directors at the annual general meeting on 15 May 2019 and registered in the Norwegian register for business enterprises on 18 May 2019. According to the authorisation, the maximum number of shares to be purchased in the market is 75 000 000, the minimum price that can be paid for shares is NOK 50, and the maximum price is NOK 500. The authorisation is valid until the earlier of 30 June 2020 and the annual general meeting in 2020.

As further described in the notice to the annual general meeting in 2019, Equinor has an agreement with the Norwegian State whereby the State will vote for the cancellation of shares purchased pursuant to the authorisation, and the redemption of a proportionate number of its shares in order to maintain its ownership share in the company. The price to be paid to the State for redemption of shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid, in the period up until final settlement with the State. In order to accommodate the redemption of State shares at the annual general meeting in 2020, no market purchases of shares under the programme will be made in the period from 25 February 2020 and until after the annual general meeting in 2020.

In the first tranche, shares will be purchased on the Oslo Stock Exchange. It will be conducted in accordance within applicable safe harbour conditions, and as further set out i.a. in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2273/2003 and the Oslo Stock Exchange's Circular on buy-backs of own shares and price stabilisation 2/2008. If the first tranche should be expanded to cover purchases on other European trading venues than Oslo Stock Exchange, Equinor will inform the market in advance.

Upon completion of the first tranche of the programme, the Board of Directors will propose to the annual general meeting in 2020 to cancel the purchased shares and redeem the proportionate number of State shares. Any shares purchased in subsequent tranches will follow a similar process with cancellation and redemption at the following annual general meeting.

Analyst conference:

CFO Lars Christian Bacher will host an analyst call 5 September at 08:45 hr CEST. Please see phone numbers to dial below. Instructions will be given by the operator.

Norway: +47 23500243
United Kingdom: +44 3333000804
USA: +1 6319131422
France: +33170750711

Pincode: 12500895

Please see Equinor.com for webcast link.

Further information:

Investor relations
Peter Hutton, senior vice president, Investor Relations,
+44 7881 918 792 (mobile)

Helge Hove Haldorsen, vice president Investor Relations North America,
+1 281 224 0140 (mobile)

Press
Bård Glad Pedersen, vice president, Media Relations,
+47 918 01 791 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

The Nomination Committee's proposal regarding Board of Directors and auditor of Oasmia Pharmaceutical AB for AGM 201915.9.2019 21:00:00 CESTPress release

Oasmia's Nomination Committee has informed the company of its proposal regarding Board of Directors and auditor ahead of the Annual General Meeting September 26, 2019. The Nomination Committee proposes Hege Hellström and Anders Härfstrand as new board members. In addition, the nomination committee proposes re-election of the current Board members Jörgen Olsson, Peter Zonabend, Gunilla Öhman and Sven Rohmann. Jörgen Olsson is proposed to be re-elected as Chairman of the Board. Hege Hellström has worked at the biotechnology company Sobi since 2013 and was president for EMENAR (Europe, Middle East, North Africa and Russia). Prior to that, she was globally responsible for the Cardiovascular business area within Sanofi, VP Renal Europe and Head of Regional Liaisons, Sanofi, VP Renal and Endocrine Europe, Genzyme, General Manager Benelux Genzyme. Before Genzyme, she was 13 years at Baxter. Hege Hellström is 54 years old and has a degree in Bioengineering from Ullevaal School of Bioengineerin

Valberedningens förslag till styrelse och revisor för Oasmia Pharmaceutical AB inför årsstämman 201915.9.2019 21:00:00 CESTPressemelding

Oasmias valberedning har informerat bolaget om sitt förslag avseende styrelse och revisor inför årsstämman den 26 september 2019. Valberedningen föreslår Hege Hellström och Anders Härfstrand till nya styrelseledamöter. Därutöver föreslås omval av de nuvarande styrelseledamöterna Jörgen Olsson, Peter Zonabend, Gunilla Öhman och Sven Rohmann. Jörgen Olsson föreslås bli omvald som styrelsens ordförande. Hege Hellström har sedan 2013 arbetat på bioteknikbolaget Sobi som chef för EMENAR (Europa, Mellanöstern, Nordafrika och Ryssland). Dessförinnan har hon varit globalt ansvarig för affärsområdet Cardiovascular inom Sanofi, VP Renal Europa och Head of Regional Liaisons på Sanofi samt VP Renal and Endocrine Europe och General Manager Benelux på Genzyme. Innan Genzyme var hon 13 år på Baxter. Hege Hellström är 54 år och har utbildning i Bio-engineering från Ullevaal School of Bioengineering, Oslo, Norge samt en utbildning i marknadsföring och finansiering vid BI, Norwegian Business School. And

SFL - Change of name to SFL Corporation Ltd. approved13.9.2019 22:55:00 CESTPress release

SFL Corporation Ltd. (the “Company”) today announced that its 2019 Annual General Meeting resolved to change the name of the Company from “Ship Finance International Limited” to “SFL Corporation Ltd.”. The Company’s common shares will continue to trade under the ticker “SFL” on the New York Stock Exchange. ISIN and instrument ID for the Company's listed securities remain unchanged. September 13, 2019 The Board of Directors SFL Corporation Ltd. Hamilton, Bermuda Investor and Analyst Contacts: Aksel Olesen, Chief Financial Officer, SFL Management AS +47 23 11 40 36 André Reppen, Senior Vice President, SFL Management AS +47 23 11 40 55 Media Contact: Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11 About SFL SFL has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company’s fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and SF

SFL - 2019 Annual General Meeting13.9.2019 22:10:00 CESTPress release

SFL Corporation Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:30 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. 3. To re-elect Harald Thorstein as a Director of the Company. 4. To re-elect Bert M. Bekker as a Director of the Company. 5. To re-elect Gary Vogel as a Director of the Company. 6. To re-elect Keesjan Cordia as a Director of the Company. 7. To re-elect James O’Shaughnessy as a Director of the Company. 8. To approve

FRO – 2019 Annual General Meeting13.9.2019 19:27:00 CESTPress release

Frontline Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:00 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. To re-elect John Fredriksen as a Director of the Company. To re-elect James O’Shaughnessy as a Director of the Company. To re-elect Ulrika Laurin as a Director of the Company. To re-elect Ola Lorentzon as a Director of the Company. To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Director

Presentation och videointervju med Arcomas VD från Bolagsdagen den 12:e september.13.9.2019 19:04:00 CESTPressemelding

Arcomas VD Jesper Söderqvist presenterade Arcoma på Bolagsdagen på Erik Penser Bank den 12:e september 2019. Nu finns presentation och videointervju tillgänglig. Se presentationen här Se videointervjun här Om Arcoma Arcoma, med lång erfarenhet av branschen, är en ledande leverantör av integrerade digitala röntgensystem med hög kvalitet och avancerad teknik. Arcomas produkter erbjuder den senaste digitala bildtekniken kombinerat med tekniskt avancerade rörliga positioneringssystem, vilket tillsammans med ergonomisk skandinavisk design, erbjuder kunden kompletta, konfigurerbara och funktionella digitala röntgensystem. Bolagets produkter säljs via återförsäljare samt via OEM-kunder och det finns idag över 3 500 av Arcomas röntgensystem installerade i hela världen. Arcoma är listat på Nasdaq First North Growth Market. Certified Adviser är Erik Penser Bank (tel: 08-4638300, e-mail: certifiedadviser@penser.se) För mer information om bolaget besök www.arcoma.se