S D Standard Drilling : SDSD - Share buy-back program

SDSD - Share buy-back program

08.12.2020 08:30

S.D Standard Drilling Plc (the 'Company') has authorized a share buy-back program to purchase up to an aggregate of 14,284,499 shares of the Company's common shares for the purpose of increasing shareholder value.

If the amount of shares is purchased in full, the Company will hold a total of 57,602,642 shares, corresponding to 10% of the outstanding shares in the Company. Reference is made to the stock exchange release as of 20 November 2020.

The minimum and maximum amount to be paid per share is further described in the minutes from the Annual General Meeting held 3 June 2020. The timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors.

The Company is not obligated under the terms of the program to repurchase any of its common shares. The buy-back program will be initiated today and ends at the latest 3 June, 2021.

The shares that may be purchased will be proposed deleted by the general meeting of the company through a capital reduction.

For further information, please contact:

General Manager, Evangelia Panagide at [phone]
Chairman of the Board, Martin Nes at [phone]

The information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.