Release details

2017-06-14 09:30 CEST
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Songa Offshore SE : Update on Long Term Incentive Program

Reference is made to the press release of 14 November 2014 regarding launch of the Long Term Incentive Program (LTIP) established for employees, as well as the press release of 25 November 2016 where it was announced that the Board of Directors had awarded 1,096,510 (adjusted for reverse share split) restricted stock units to management and certain key personnel in the Songa Offshore Group. The first half of the awarded shares is vested on 1 July 2017 and the second half is vested on 1 July 2018.

Going forward, purchases of shares in the market under the LTIP will be made in accordance with the safe harbor rules under section 3-12 of the Norwegian Securities Trading Act and the EU Commission Regulation on exemptions for buy-back programs, which will provide safe harbor from the insider trading rules (the safe harbor rules). The share purchases will commence during the last month prior to the announced vesting dates. Under the currently announced vesting dates, this will be June 2017 and June 2018. In accordance with the safe harbor rules, the purchased volume, as well as the average purchase price per share, will be announced by the Company on a daily basis. Following the vesting of the restricted stock units under the LTIP, the shares allocated to primary insiders will also be announced.

The amount of shares to be acquired under the LTIP in June 2017 is expected to be approximately 330,000 shares, based on 50% of the awarded restricted stock units vesting on 1 July 2017 and withholdings for personnel income tax. The purchases related to the June 2018 vesting is expected to be corresponding and other purchases in accordance with future award announcements.

Any purchases will be made by an investment firm in accordance with the procedures under the safe harbor rules.   
14 June 2017
Limassol, Cyprus

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