SBM Offshore is pleased to announce a EUR175 million (c. US$200 million) share repurchase program, effective from February 14, 2019.
The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. The repurchase program is expected to be completed within 2019, and it will be accomplished under the authorization granted by the Annual General Meeting of Shareholders of the Company held on April 11, 2018. 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. In accordance with normal practice to cater for possible changes in future circumstances, 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.
SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore Group (“the Company”).
SBM Offshore provides floating production solutions to the offshore energy industry, over the full product lifecycle. The Company is market leading in leased floating production systems delivered to date, with multiple units currently in operation and has unrivalled operational experience in this field. The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry.
As of December 31, 2018, Group companies employ approximately 4,350 people worldwide, including circa 650 contractors, which are spread over offices in key markets, operational shore bases and the offshore fleet of vessels. Group Companies employ a further 400 people, working for the joint ventures with two construction yards. For further information, please visit our website at www.sbmoffshore.com.
The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication “SBM Offshore” is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.
The Management Board
Amsterdam, the Netherlands, February 14, 2019
|Annual General Meeting of Shareholders||April 10||2019|
|Trading Update 1Q 2019 – Press Release||May 16||2019|
|Half-Year 2019 Earnings – Press Release||August 8||2019|
|Trading Update 3Q 2019 – Press Release||November 14||2019|
|Full year 2019 Full Year Earnings||February 13||2020|
|Annual General Meeting of Shareholders||April 8||2020|
For further information, please contact:
Director Corporate Finance and IR
|Telephone:||+31 (0) 20 236 3222|
|Mobile:||+31 (0) 6 21 14 10 17|
Group Communications Director
|Telephone:||+31 (0) 20 2363 170|
|Mobile:||+31 (0) 6 25 68 71 67|
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release contains regulated information within the meaning of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht). 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. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward- looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV 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 subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.