Oceaneering International, Inc. announced that its Board of Directors has approved a share repurchase program under which the company may repurchase up to six million shares of its common stock on a discretionary basis. Six million shares constitute 11% of the company's approximately 55 million outstanding common shares. Monday's closing price for OII shares was $59.63 per share.
The program calls for the repurchases to be made in open market or in privately negotiated transactions from time to time in compliance with applicable laws, rules, and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, applicable legal requirements, and other relevant factors. The timing and amount of any repurchases will be determined by management based on its evaluation of these factors. Oceaneering expects that any shares repurchased will be held as treasury stock for future use. The program does not obligate Oceaneering to repurchase any particular number of shares.
T. Jay Collins, President and Chief Executive Officer, stated, "Oceaneering has a strong balance sheet, and its operations are generating a significant amount of free cash flow. We are continuing to pursue our growth strategy and are looking for opportunities. As we have done in the past, we will use the newly authorized share repurchase program to acquire company shares whenever the relative values are compelling, balanced against other strategic options."
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.
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