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Wednesday, January 24, 2018

Repurchase Program News

Teekay Receives $180M Increase to Share Repurchase Program

Teekay Shipping Corporation announced that its Board of Directors has authorized a $180 million increase to the existing share repurchase program. Since the end of November 2004, when Teekay announced the authorization of its first share repurchase program, the company has repurchased approximately $555 million, or 15.5% of its outstanding shares. With $49 million remaining under the existing share repurchase program, the $180 million increase announced today results in a total remaining share repurchase authorization of approximately $229 million. If the remaining $229 million repurchase program is completed at an average price of $42.91 per share (Teekay’s closing share price on December 5…

ACL Announces $150m Stock Repurchase Program

American Commercial Lines Inc. (ACL) said that its Board of Directors has approved a stock repurchase program of up to $150m. The company completed its previous $200 million stock repurchase program in July of this year, representing approximately 7.8m shares of its common stock.

Tidewater to Continue to Repurchase Shares of Common Stock

Tidewater Inc. announced that its Board of Directors has authorized a new program for the Company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The Company intends to use its available cash and, when considered advantageous, borrowings under its revolving credit facility, to fund share repurchases. The repurchase program will end on the earlier of the date that all authorized funds have been expended or June 30, 2008, unless extended by the Board of Directors. On June 30, 2007, the company's previous share repurchase program expired with the Company having purchased from July 28…

ConocoPhillips Announces Share Repurchase Program

ConocoPhillips announced a stock repurchase program to repurchase up to $1 billion of the company's common stock over a period of up to two years. This plan is in addition to the existing $1 billion program announced on February 4, 2005, under which the company has repurchased approximately $950 million of its common stock. Consistent with previous guidance, the company will use the new program as a means of offsetting dilution to existing shareholders from the company's stock-based compensation programs. Acquisitions for the share repurchase program will be made at management's discretion at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.

ConocoPhillips Announces Share Repurchase Program

ConocoPhillips announced a stock repurchase program to repurchase up to $1 billion of the company's common stock over a period of up to two years. This plan is in addition to the prior two $1 billion programs previously announced, under which the company has repurchased approximately $1.9 million of its common stock. Acquisitions for the share repurchase program will be made at management's discretion at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Purchases may be increased, decreased or discontinued at any time without prior notice. Shares of stock repurchased under the plan will be held as treasury shares.

Tidewater Suspend Dividend

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Tidewater Inc. (NYSE:TDW) leading provider of Offshore Service Vessels, announced that its Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program. The dividend and share repurchase program suspension is part of a broader plan of reducing costs and capital expenditures in order to preserve liquidity in an oilfield services market that has been negatively impacted by the precipitous drop in oil prices and corresponding reduction in global E&P spending.

Seacor Smit Reports Securities Repurchase Increase

Seacor Smit noted that its Board of Directors had raised its previously announced securities repurchase program by $55 million - resulting in an approximate increase of $73.5 million available to the Company for such purposes. The securities covered by the repurchase program include the Company's common stock, its 5 3/8 percent convertible subordinated notes due 2006, its 7.2 percent senior notes due 2009 and the 10 percent senior notes due 2008 of its affiliate Chiles Offshore LLC. The repurchase of securities would be conducted from time to time through open market purchases, privately negotiated transactions or otherwise, depending on market conditions.

Tidewater Declares Quarterly Dividend

Board of Directors

Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an extension of its current common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. If shares are purchased in open market or privately-negotiated transactions pursuant to this share repurchase program…

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news, falling nearly 4 to $99 after being down 2.6 percent before the buyback halt was announced.   "Given the change in market conditions, we are suspending our share repurchase program for 2015," Chevron CFO Pat Yarrington told investors on a conference call.     (Reporting By Ernest Scheyder; Editing by Terry Wade)

Northrop Grumman Buys 9 Million Shares in Accelerated Share Repurchase

Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop Grumman common shares purchased by CSFB. Today's repurchase is part of a $1.5 billion share repurchase program announced by Northrop Grumman on Oct. 25, 2005. The company expects to complete the remaining $1 billion of the share repurchase program over the next 12 to 18 months.

Euroseas Announces $5m Share Repurchase Program

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced that its board of directors has approved a share repurchase program for up to a total of $5 million of the company's common stock. The board will review the program after a period of 12 months. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.

SEACOR Announces Increase in Securities Repurchase Authority

SEACOR Holdings Inc. announced that its Board of Directors has increased its authorization for repurchases pursuant to its previously announced securities repurchase program. With this increase, SEACOR has approximately $50 million available for such purchases. The securities covered by the repurchase program include SEACOR's common stock, its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, its 2.875% convertible senior debentures due 2024, and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a wholly-owned subsidiary. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

SEACOR Announces Increase in Securities Repurchase Authority

SEACOR Holdings Inc. said that its Board of Directors has increased by $82.6 million its authorization for repurchases pursuant to its previously announced securities repurchase program. With this increase, SEACOR has approximately $100 million available for such purchases. The securities covered by the repurchase program include SEACOR's common stock, its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, its 2.875% convertible senior debentures due 2024, and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a wholly-owned subsidiary. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

NOA Announces Share Repurchase Program

Photo: NAO

Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately. There are 23,431,370 NAO shares in issue. NAO said it intends to repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.

Scorpio Charters Out Ice Class Tanker Duo

Courtesy Scorpio Tankers

Scorpio Tankers Inc. announced today that it has entered into time charter-out agreements for two ice class 1A Handymax product tankers and an update on its Securities Repurchase Program. The Company has entered into time charter-out agreements with an unrelated third party on two ice class 1A Handymax product tankers. The term of each agreement is for three years at $18,000 per day, with each charter scheduled to commence by the end of January 2016. Since the Company's previous announcement on November 4…

Stolt-Nielsen Purchased 94,400 of its Common Shares

Stolt-Nielsen S.A. announces that Stolt-Nielsen Transportation Group Ltd. (SNTG), a 100% owned subsidiary of SNSA, purchased today 94,400 of SNSA Common Shares on the Oslo Børs at an average price of NOK 187.49 per share (approximately $29.21 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. Including today's purchases, the Company has purchased Common Shares totaling approximately $179.0 million under the $200 million repurchase program announced on August 25, 2005.

Stolt-Nielsen Purchased 5,400 of its Common Shares

Stolt-Nielsen S.A. announces that Stolt-Nielsen Transportation Group Ltd. (SNTG), a 100% owned subsidiary of SNSA, purchased today 5,400 of SNSA Common Shares on the Oslo Børs at an average price of NOK 190.57 per share (approximately $29.69 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. Including today's purchases, the Company has purchased Common Shares totaling approximately $179.2 million under the $200 million repurchase program announced on August 25, 2005. All Common Shares purchased by SNTG are classified as non-voting shares held in Treasury and issued but not outstanding.

Danaos Corp Share Repurchase Program

Corporation (NYSE: DAC) announced that its Board of Directors has approved a share repurchase program and authorized the officers of the company to repurchase, from time to time, up to 1,000,000 shares of the company's common stock (par value $0.01). Danaos Corporation is an international owner of containerships. It currently has a fleet of 39 containerships, aggregating 156,275 TEUs. (www.danaos.com)

TEN Execs Authorize Common Share Repurchase Program

Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors has authorized a new share repurchase program on the company’s common shares allocating up to $20 million for purchases in the open market and in other transactions. The timing of any share purchases, the prices and the exact number of shares to be purchased will be dependent on market conditions. This is the fifth share repurchase program TEN’s Board has authorized since the initiation of the programs in 2005. Since its listing in the NYSE in March of 2002, the company has generated approximately $1 billion in net income and has expanded its fleet from 26 to 50 vessels becoming one of the largest transporters of energy in the world.

Newport News OKs Share Buyback Program

Newport News Shipbuilding Inc. has approved a $100 million share repurchase program, adding to a $100 million buyback plan authorized last June. The new plan will be implemented over 2000 and 2001. The company has bought back almost 3 million shares under the previous program. The company currently has nearly 33 million shares outstanding, according to Standard & Poor's MarketScope.

RCL Announces Share Buyback Plan

Photo: Royal Caribbean Cruises

Royal Caribbean Cruises has announced board authorization for a $500 million share repurchase program. The company said that it received board approval to implement a program to repurchase up to $500 million of its common stock. The plan will include opportunistic open market purchases over the coming periods. Last week we achieved our financial objective of becoming an Investment Grade company with Moody's announcement improving the company's credit rating to Baa3 with a stable outlook.

Stolt-Nielsen Purchases 200,000 of Common Shares

Stolt-Nielsen announced that Stolt-Nielsen Transportation Group (SNTG), a 100% owned subsidiary of SNSA, purchased today 200,000 of SNSA Common Shares on the Oslo Stock Exchange at an average price of NOK 219.16 per share (approximately $32.76 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares.

Conrad Announces 2007 Results and Share Repurchase Program

Conrad Industries, Inc. announced its 2007 results and a new $10 million stock repurchase program. For the year ended December 31, 2007, Conrad achieved net income of $19.2 million and earnings per diluted share of $2.63. The Company’s Annual Report for 2007 is available at ww.pinksheets.com. The Company also announced that its board of directors has authorized the Company to purchase up to $10 million of its common stock. The Company plans to use cash on hand or generated from operations to purchase the stock. Acquisitions may be made from time to time in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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