Stavanger, 14 February 2025:
Moreld's board of directors is focused on providing attractive shareholder
returns through a combination of share price growth and direct returns in the
form of dividends and share buy-backs. Moreld is therefore pleased to announce
that the board of directors has resolved the following dividend distribution
policy:
"The dividend policy of Moreld is to pay dividends to the Company's shareholders
on a quarterly basis, starting from Q2 2025. Dividend distributions are intended
to be resolved alongside the board's approval of quarterly financial statements
in February, May, August and November each year, provided however that the
frequency, timing and amount of dividends are at the discretion of the board.
Moreld aims for a distribution ratio of between 40% and 60% of adjusted net
profits over time.
The board may approve share buy-backs when deemed relevant in accordance with
the share buy-back authorisations granted to the board from time to time. The
level of any dividend resolved by the board will take into consideration the
level of any share buy-backs carried out during the relevant period.
Any dividends declared in the future will be subject to applicable laws and
Moreld's board being granted an authorisation by the Company's general meeting
to distribute dividends, and will depend upon earnings, market prospects,
restrictions under the group's financing arrangements from time to time, capital
expenditure programs, investment opportunities, as well as maintaining required
working capital and a robust cash buffer.
Dividends will be declared and paid in NOK. For tax purposes, dividends will be
classified as a repayment of paid in capital and not a taxable dividend, for as
long as there is paid-in capital available on the Company's shares."
In line with the new policy, Moreld's board of directors intends to propose to
the annual general meeting of Moreld (the "AGM") to resolve an initial dividend
distribution in the amount of NOK 0.42 per share for the second quarter of 2025,
in total approx. NOK 75 million. The AGM is expected to be held on 20 May 2025,
and further information will be published in due course.
For more information, please contact:
CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com
CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com
About Moreld
Moreld is an industrial multi-disciplinary engineering group offering full-scope
services across the offshore energy and marine industries including subsea
installations. The group comprises Moreld Apply, Ocean Installer and Global
Maritime. Moreld is a major player on the Norwegian continental shelf with an
international footprint. The Group is located in 19 countries, giving access to
all major offshore markets, and has over 2,800 employees and contractors. For
more information, please visit https://moreld.com/.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the Euronext Growth Rule Book
II.