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
March 20, 2019
SBM Offshore reports the transaction details related to its EUR175 million (c. US$200 million) share repurchase program for the period March 14, 2019 through March 20, 2019.
The repurchases were made under the EUR175 million share repurchase program announced on and 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. 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 March 20, 2019 can be found in the top half of the table below. Further detailed information regarding both the progress of the share repurchase program and all individual transactions can be accessed via the Investor Relations Center of the Company’s website.
Share Repurchase Program
| Overall progress Share Repurchase Program: | |||
| Total Repurchase Amount | EUR 175,000,000 | ||
| Cumulative Repurchase Amount | EUR 45,324,012 | ||
| Cumulative Quantity Repurchased | 2,702,241 | ||
| Cumulative Average Repurchase Price | EUR 16.77 | ||
| Start Date | February 14, 2019 | ||
| End Date | 2019 | ||
| Percentage of program completed as at March 13, 2019 | 25.90% | ||
| Overview of details of last 5 trading days: |
|||
| Trade Date | Quantity Repurchased | Average Purchase Price | Settlement Amount |
| March 14, 2019 | 100,000 | EUR 17.34 | EUR 1,734,152 |
| March 15, 2019 | 100,000 | EUR 17.40 | EUR 1,739,904 |
| March 18, 2019 | 75,000 | EUR 17.28 | EUR 1,295,950 |
| March 19, 2019 | 83,000 | EUR 17.47 | EUR 1,450,126 |
| March 20, 2019 | 70,455 | EUR 17.51 | EUR 1,233,428 |
| Total1 | 428,455 | EUR 17.40 | EUR 7,453,560 |
| 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.