SBM Offshore doubles its share repurchase program
August 08 2024 - 12:11AM
UK Regulatory
SBM Offshore doubles its share repurchase program
August 8, 2024
SBM Offshore is pleased to announce that the
EUR65 million (c. US$70 million) share repurchase program effective
from March 1, 2024 (the “Structural Buyback”), has been increased
by an additional amount of EUR65 million (c. US$71 million
equivalent1) effective from August 8, 2024 (the
“Incremental Buyback”).
To date, share repurchases for an aggregate
purchase price of EUR37.5 million have been completed under the
Structural Buyback, representing approximately 58% completion of
the program. The objective of the Structural Buyback is to reduce
the Company’s share capital. All shares purchased will therefore be
cancelled. The program is expected to be completed within
2024.
The objective of the Incremental Buyback is to
reduce share capital and, in addition, to provide shares for
regular management and employee share programs. The
Incremental Buyback is expected to be completed by end of April
2025 and it will be accomplished under the authorization granted by
the Annual General Meeting of the Company on April 12, 2024.
The execution of the share repurchase program
will be done under the terms of an engagement letter with a third
party, performed in compliance with the safe harbor provisions for
share repurchases, and therefore transactions may be carried out
during closed periods.
In accordance with the European Market Abuse
Regulation, the Company will inform the market of the progress made
in the execution of this program through weekly press releases and
updates on its website.
Corporate Profile
SBM Offshore designs, builds, installs and
operates offshore floating facilities for the offshore energy
industry. As a leading technology provider, we put our marine
expertise at the service of a responsible energy transition by
reducing emissions from fossil fuel production, while developing
cleaner solutions for alternative energy sources.
More than 7,400 SBMers worldwide are committed
to sharing their experience to deliver safe, sustainable and
affordable energy from the oceans for generations to come.
For further information, please visit our
website at www.sbmoffshore.com.
Financial Calendar |
|
Date |
Year |
Third Quarter
2024 Trading Update |
|
November 14 |
2024 |
Full Year 2024
Earnings |
|
February 20 |
2025 |
Annual General
Meeting |
|
April 9 |
2025 |
First Quarter
2025 Trading Update |
|
May 15 |
2025 |
Half Year 2025
Earnings |
|
August 7 |
2025 |
For further information, please contact:
Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager
Mobile: |
+31 (0) 2 02 36 32 36 |
E-mail: |
wouter.holties@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media Relations
Evelyn Tachau Brown
Group Communications & Change Director
Mobile: |
+377 (0) 6 40 62 30 34 |
E-mail: |
evelyn.tachau-brown@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Market Abuse Regulation
This press release may contain inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Disclaimer
Some of the statements contained in this release
that are not historical facts are statements of future expectations
and other forward-looking statements based on management’s current
views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance, or
events to differ materially from those in such statements. These
statements may be identified by words such as ‘expect’, ‘should’,
‘could’, ‘shall’ and similar expressions. Such forward-looking
statements are subject to various risks and uncertainties. The
principal risks which could affect the future operations of SBM
Offshore N.V. are described in the ‘Impact, Risk and Opportunity
Management’ section of the 2023 Annual Report.
Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results and performance of the Company’s business
may vary materially and adversely from the forward-looking
statements described in this release. SBM Offshore does not intend
and does not assume any obligation to update any industry
information or forward-looking statements set forth in this release
to reflect new information, subsequent events or otherwise.
This release contains certain alternative
performance measures (APMs) as defined by the ESMA guidelines which
are not defined under IFRS. Further information on these APMs is
included in the Half-Year Management Report accompanying the Half
Year Earnings 2024 report, available on our website
https://www.sbmoffshore.com/investors/financial-disclosures.
Nothing in this release shall be deemed an offer
to sell, or a solicitation of an offer to buy, any securities. The
companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate legal entities. In this release “SBM
Offshore” and “SBM” are sometimes used for convenience where
references are made to SBM Offshore N.V. and its subsidiaries in
general. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.
"SBM Offshore®", the SBM logomark,
“Fast4Ward®”, “emissionZERO®” and
“F4W®” are proprietary marks owned by SBM Offshore.
1 Based on the foreign exchange rate on August 5,
2024.
- SBM Offshore doubles its share repurchase program
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