DNO International ASA's Board of Directors today announced a share buyback program following release of preliminary second quarter 2011 results. The timing and volume of the share purchases will depend on market conditions.
"Given the ongoing sell-off and sharp declines in global securities, we have decided to invest available cash to capitalise on the undervaluation of the Company's share price," said DNO Chairman Bijan Mossavar-Rahmani.
Preliminary second quarter financial results are as follows: sales NOK 730 million; gross profit NOK 430 million; operating profit NOK 355 million; net profit NOK 215 million; EBITDA NOK 565 million; and netback NOK 550 million.
The cash position at 30 June 2011 was NOK 1,245 million.
Oslo, 10 August 2011
DNO International ASA
For more information:
Communication Director Tom Bratlie
Phone: +47 905 21 904
Chief Financial Officer Haakon Sandborg
Phone: +47 23 23 84 80
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)