The Company’s ambition is to provide shareholders with a competitive return on their shares through a combination of share price appreciation and a direct return in the form of dividends.
As such, the Company has initiated a capital return programme which will, in the first phase of the programme, target a quarterly dividend level that can be sustained quarter by quarter, with the ambition to grow the cash distributions (measured as USD per share) in the medium-term, reflecting increasing underlying earnings and reducing capex commitments. The Company may also consider to buy back shares as part of total distribution of capital to the shareholders.
The Company will maintain a disciplined capital allocation approach with shareholder distributions always being at the board’s discretion and subject to market outlook, contract backlog, cash flow generation, capital expenditure plans and funding requirements, whilst maintaining financial flexibility.
Dividends will be declared in USD. Actual NOK payment per share will be determined based on the exchange rate at record date.
The Board of Directors will determine the value of the dividend quarterly and revisit the dividend policy annually.
Quarterly dividend payments
| Quarter | Total cash dividend | Announcement date | Ex-dividend date | Record date | Payment date | Dividend NOK per share | Dividend USD per share |
|---|---|---|---|---|---|---|---|
| Q2 2023 | $14.2 million | 23.08.2023 | 01.09.2023 | 04.09.2023 | 13.09.2023 | 0.639 | 0.06 |
| Q3 2023 | $14.2 million | 2.11.2023 | 10.11.2023 | 13.11.2023 | 22,11,2023 | 0.6679 | 0.06 |