06:20 AM EDT, 06/26/2024 (MT Newswires) -- Seadrill ( SDRL ) said Tuesday that it completed the $250 million share repurchase program initiated in December 2023 and will cancel the acquired shares.

As part of the new two-year $500 million share repurchase program recently approved by the company's board of directors, the company will initially repurchase up to $200 million of its common shares by Sept. 30.

As a result, the company said it has entered an agreement with DNB Markets to effect the first tranche through open market transactions.

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