Share capital

12 Months Ended

Dec. 31, 2012

Share capital [Abstract]

Share capital

Note 27 – Share capital

	2012					2011						2010
All shares are common shares of $2.00 par value each	Shares			$millions		Shares			$millions			Shares			$millions
Authorized share capital		800,000,000			1,600		800,000,000			1,600			800,000,000			1,600
Issued and fully paid share capital		469,250,933			938		469,250,933			938			443,308,487			887
Treasury shares held by Company		(72,859	)		-		(1,478,759	)		(3	)		(182,796	)		(1	)
Outstanding shares in issue		469,178,074			938		467,772,174			935			443,125,691			886

As of December 31, 2012, the Company's shares are listed on the Oslo Stock Exchange and the New York Stock Exchange.

The Company was incorporated on May 10, 2005 and 6,000 ordinary shares of par value $2.00 each were issued. Since incorporation the number of issued shares has increased from 6,000 to 469,250,933 of par value $2.00 each as of December 31, 2012. There were no new shares issued in 2012, the number of shares issued in 2011 was 25,942,446, all due to conversion of convertible debt instruments.

A share repurchase program was approved by the Board in 2007 giving the Company the authorization to buy back shares. Shares bought back under the authorization may be cancelled or held as treasury shares. Treasury shares may be held to meet the Company's obligations relating to the share option plans (see Note 28). As at December 31, 2012 the Company held 72,859 treasury shares and net shares outstanding at December 31, 2012 were 469,178,074.