4.3.35Events After End of Reporting Period

In accordance with the Company’s dividend policy introduced in 2017 which consists of paying out a dividend based on the Company’s assessment of the underlying cash flow position and ’Directional net income’, where a target pay-out ratio of between 25% and 35% is also considered, a dividend out of retained earnings of US$ 0.25 per share will be proposed to the Annual General Meeting on April 11, 2018, corresponding to approximately 64% of the US$ 80 million Company’s 2017 Directional net income adjusted for non-recurring items.

On January 16, 2018 the Company and Shell completed the transaction related to the sale of Turritella (FPSO). The financial impacts of the transaction are provided in note 4.3.1 'Financial Highlights'.