Noble Shareholders Approve Buyback Of Up To 15% Stock

(RTTNews) - Offshore drilling contractor Noble Corp. (NE), Monday announced the results of a shareholder voting related to the buyback of up to 15 percent of its outstanding stock. Shares of Noble is trading down about three percent on the New York Stock Exchange, following the news.

The London-based company said its shareholders have approved the purchase from time to time of up to 37 million ordinary shares of stock, which represents about 15 percent of its total outstanding shares.

The authority to buyback shares on this plan will expire in 16 months. The company has the right to begin, suspend or discontinue share repurchases at any time during the 16-month authorization.

NE is currently trading at $18.11, down $0.52 or 2.79%, on a volume of 9.6 million shares, above the three-month average volume.