On August 10, 2016 SBM Offshore announced a EUR 150 million share repurchase program. The program was initiated on August 11, 2016 and is predominantly for share capital reduction purposes and, to a lesser extent, for employee share programs. The repurchase program is expected to be completed no later than December 30, 2016, and will be accomplished under the authorization granted by the Annual General Meeting of Shareholders of the Company held on April 6, 2016. The execution of the share repurchase program will be 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 informs the market on the progress made in the execution of this program through weekly press releases and updates on its website. The share repurchase program does not obligate the Company to acquire any amount of shares, and it may be suspended at any time at the Company’s discretion.
Weekly Share Repurchase Program Transaction Details – Press Release
SBM Offshore reports the transaction details related to the repurchase of its common shares made for the period December 19, 2016 through December 20, 2016.
The repurchases were made under the EUR 150 million share repurchase program for share capital reduction purposes and, to a lesser extent, for employee share programs. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period August 11, 2016 through December 20, 2016 can be found in the below table. Further detailed information regarding both the progress of the share repurchase program and all individual transactions can be found by clicking on the following link: transaction details.
Share Repurchase Program
|Total Repurchase Amount||EUR 150,000,000|
|Cumulative Repurchase Amount||EUR 149,999,999|
|Cumulative Quantity Repurchased||11,442,179|
|Cumulative Average Repurchase Price||EUR 13.11|
|Start Date||August 11, 2016|
|End Date||December 20, 2016|
|Percentage of program completed as at December 20, 2016||100.00%|
|Trade Date||Quantity Repurchased||Average Purchase Price||Settlement Amount|
|December 19, 2016||250,000||EUR 14.60||EUR 3,649,147|
|December 20, 2016||14,179||EUR 14.54||EUR 206,132|
|Total1||264,179||EUR 14.59||EUR 3,855,279|
|1 All shares bought on Euronext Amsterdam|
This press release contains information which is to be made publicly available under the Market Abuse Regulation (nr. 596/2014). The information concerns a regular update of the transactions conducted under SBM Offshore’s current share repurchase program, as announced by the Company on August 10, 2016 details of which are available on our website by clicking here.