Hafnia’s chief financial officer Perry van Echtelt has pocketed shares in the BW Group company at a rock-bottom price.

Hafnia said the executive exercised 159,588 vested options granted under its long-term incentive programme for 2022.

The award was settled by the transfer of treasury shares, of which Hafnia retains 502,358.

The price was NOK 0.70, for a total of NOK 112,000 ($10,600).

But the tranche is worth NOK 13.54m ($1.26m) at the share price of NOK 84.30 each in Oslo on Tuesday.

Van Echtelt thus paid less than 1% of the market value.

In April, Hafnia handed out 752,060 share options to the CFO and chief executive Mikael Skov under its bonus and long-term incentive plans.

Skov received 617,581 options and van Echtelt 134,479 options.

Earlier that month, van Echtelt sold stock worth NOK 20.2m in Oslo after exercising options, offloading 250,000 shares for NOK 80.73 each.

After the sale, he held 382,509 shares worth about NOK 30.9m, Hafnia said.

Last week, Skov took home NOK 87.8m after selling 1m shares on the Oslo Stock Exchange, regulatory filings showed.

The sale was made on Wednesday when the stock was trading at NOK 87.77.