What does the completion of the buyback indicate about DEME's cash position and future capital allocation plans?

Cash position: The September 1 completion shows that DEME has already deployed the cash earmarked for the buy‑back. Management was willing to use a sizable block of liquid resources to retire shares, which typically tightens the supply‑side and improves earnings per share. Since the program is now finished, the company’s cash balance will be lower than it was five months ago, signalling that it has exhausted the excess liquidity that was available for discretionary returns to shareholders.

Future capital allocation: With the repurchase window closed, the firm will need to redirect its capital. In the short term this often means a shift toward internal growth projects (e.g., vessel orders, terminal upgrades, or offshore‑logistics contracts) or balance‑sheet optimization such as debt reduction or upgrading credit facilities. The buy‑back also tells the market that management views the current share price as attractive and that there is little‑to‑no cash‑drain pressure for a dividend. Consequently, investors should watch for the next strategic announcement—a cap‑ex rollout, a partnership, or a new financing round—that will outline where cash will flow next.

Trading implication: The buy‑back likely provided a price‑support boost and narrowed the float, creating a technical backdrop of medium‑term upside. Now that the programme is finished, absent a fresh catalyst the stock could trade on a narrower range, potentially experiencing modest selling pressure as the “cash‑return” motive fades. Traders may consider a short‑term hold or light‑position pending the next allocation signal; if the price dips back toward recent support (e.g., the 20‑day EMA or the pre‑buy‑back low) while fundamentals remain solid, it could present a value‑add entry ahead of any new growth‑or‑debt‑management news. Conversely, a breakout above the recent high with firm‑wide earnings guidance intact would reaffirm momentum and could merit a short‑term upside play.