Dividend Policy


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The Company's dividend policy has been to pay at least 50% of the Group's net profit in dividends on a quarterly basis. This policy has been revised by the Management and the Board of Directors after assessing the Company's dividend capacity.  The revised dividend policy is to pay 75% of net profit and shall be effective starting from the second quarter of 2023. 

 

However, any future proposal by the Board of Directors to declare dividends will be subject to applicable laws and will be dependent on a number of factors, including the Company's financial condition, a substantial increase in revenues compare to previous years, a positive net profit on a quarterly and annual basis, capital requirements, general business conditions and other factors that the Board of Directors may deem relevant. In addition, the Board of Directors will, when deciding the annual dividend levels, take into consideration capital expenditure plans, restrictions under the Group's debt facilities, financing requirements and maintaining the appropriate strategic flexibility1.

 

Period
Dividend (USD/share)
Dividend (USD mill.)
Ex-dividend date
Record date
Payable date

Q1 2023

0.224

6.56

19.05.23

22.05.23

24.05.23

Q4 2022

0.169

4.96

03.03.23

06.03.23

09.03.23

Q3 2022

0.110

3.26

09.11.22

10.11.22

21.11.22

Q2 2022

0.093

2.67

29.08.22

30.08.22

09.09.22

Q1 2022

0.036

1.04

13.05.22

16.05.22

09.06.22


1) Any proposal of dividends will be at the discretion of the Board of Directors, and there can be no assurance that in any given quarter or year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the policy. Dividends will be declared in USD and paid in NOK. Unless otherwise is determined by the Board of Directors, the distribution of a dividend shall constitute repayment of the Company's paid-in capital.