v3.26.1
SHARE CAPITAL
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
SHARE CAPITAL SHARE CAPITAL
Ordinary Shares

The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share.

The following table is a summary of changes in ordinary shares issued and outstanding:

Six months ended June 30
20262025
Balance – beginning of period
33,897,709 34,831,324 
Issue of shares for vested RSUs (see Note 12)142,828 100,793 
Forfeiture of restricted shares (see Note 12)(56,934)(376,686)
Repurchase of ordinary shares(1,102,065)(357,278)
Balance – end of period
32,881,538 34,198,153 

Share Repurchase Plan

On May 2, 2025, the Board of Directors re-approved a share repurchase plan, until June 30, 2026, authorizing the Company to repurchase up to $25 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans.

On April 28, 2026, the Board of Directors approved a new share repurchase plan of up to $40 million from May 15, 2026 to May 31, 2027. This replaces the former plan noted above.

Any shares repurchased are canceled immediately upon repurchase.

For the six months ended June 30, 2026, the Company repurchased 1,102,065 ordinary shares for $19.2 million (2025: $5.0 million).

Preferred Shares

The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At June 30, 2026, the Company has no issued and outstanding preferred shares.