Aker Solutions ASA: Buy-Back of Own Shares to Meet Obligations Arising From Incentive Programs
May 6, 2021 – Aker Solutions ASA (“Aker Solutions”) will allocate shares to eligible participants under two incentive programs established for executives and senior managers of Kværner ASA (“Kvaerner”). The programs were originally launched by Kvaerner in 2018 and 2019 and include a right to receive shares for participants who remain employed after three years.
The obligation to honor share allocation in the programs was transferred from Kvaerner to Aker Solutions as part of the merger of the companies on November 10, 2020. Participants in the programs are entitled to receive a total of 1,572,919 shares in Aker Solutions. 466,249 shares will be allocated in May 2021 and 1,106,670 shares, subject to no resignations, will be allocated in May 2022.
A third-party investment broker firm will under an irrevocable mandate issued by Aker Solutions, in accordance with the regulations on market abuse and technical standards, buy a total of 1,572,919 shares in the open market and handle onwards allocation to eligible participants in the two incentive programs. Under the mandate, the investment broker will make its own trading decisions and handle the allocation independently of, and uninfluenced by, Aker Solutions.
The share purchases are expected to be finalized no later than end of June 2021 and are subject to statutory stock exchange disclosures. Aker Solutions’ current holding of 101,636 own shares will not be used to fulfil allocation under the two incentive programs.
ENDS
Media Contact:
Torbjørn Andersen, mob: +47 928 85 542, email: torbjorn.andersen@akersolutions.com
Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com
Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 14,000 people in more than 20 countries.
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This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.