Sea1 Offshore has acquired 400,000 of its own shares in an effort to reward its executives.
On Thursday, the Christen Sveaas-backed offshore vessel owner disclosed a plan to acquire the shares at NOK 17.92 each — a discount to current trading and accounting for the costs associated with a three-year lock-up provision — for its long-term incentive plan.
The company said it paid for the shares in part through loans from Sea1 Offshore.
As part of the deal, chief executive Bernt Omdal and finance chief Vidar Jerstad each received 150,000 shares.
Chief human resources officer Tor Graendsen and chief operating officer Tore Lillesto were awarded 50,000 each.
The 150,000 share stakes are worth NOK 2.68m ($241,700) and the 50,000 stakes NOK 896,000.
On Thursday, Sea1 Offshore’s Oslo-listed shares traded between NOK 25.50 and NOK 26.10 ($2.30 to $2.35) and had levelled off to NOK 26.05 in late trading.
Sea1 Offshore shares have not traded as low as NOK 17.92 since early 2023, when the company was still known as Siem Offshore.
Since then, Sveaas wrested control of the company from compatriot Kristian Siem and renamed it while placing vessels from his other offshore venture, Stockholm-listed Viking Supply Ships, under Sea1 Offshore management.
The Sveaas-Siem deal closed in July, with Siem departing with nine ships that he placed under the management of Borealis Maritime’s Aurora Offshore this week.
