On February 14, 2019 SBM Offshore announced 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.
Weekly share repurchase program transaction details
SBM Offshore reports the transaction details related to its EUR175 million (c. US$200 million) share repurchase program for the period February 14, 2019 through February 20, 2019.
The repurchases were made under the EUR175 million share repurchase program which has the objective to reduce share capital and, in addition, to provide shares for regular management and 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 February 14, 2019 through February 20, 2019 can be found in the below table.
Share Repurchase Program
| Total Repurchase Amount | EUR 175,000,000 | ||
| Cumulative Repurchase Amount | EUR 8,998,160 | ||
| Cumulative Quantity Repurchased | 548,507 | ||
| Cumulative Average Repurchase Price | EUR 16.40 | ||
| Start Date | February 14, 2019 | ||
| End Date | 2019 | ||
| Percentage of program completed as at February 20, 2019 | 5.14% | ||
| Trade Date | Quantity Repurchased | Average Purchase Price | Settlement Amount |
| February 14, 2019 | 102,317 | EUR 15.94 | EUR 1,630,482 |
| February 15, 2019 | 114,418 | EUR 16.49 | EUR 1,886,661 |
| February 18, 2019 | 126,772 | EUR 16.37 | EUR 2,074,728 |
| February 19, 2019 | 105,000 | EUR 16.50 | EUR 1,732,352 |
| February 20, 2019 | 100,000 | EUR 16.74 | EUR 1,673,938 |
| Total1 | 548,507 | EUR 16.40 | EUR 8,998,160 |
| 1 All shares bought on Euronext Amsterdam | |||
Further detailed information regarding both the progress of the share repurchase program and all individual transactions can be accessed via the Investor Relations Center and by clicking the following link: transaction details.
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 February 14, 2019, details of which are available on its website.
| Press Release Archive |
| Press Release Week 7/8 – February 14 to February 20, 2019 |