On February 13, 2020 SBM Offshore announced a EUR150 million (c. US$165 million) share repurchase program, effective from February 13, 2020.
The objective of the program was to reduce share capital and, in addition, to provide shares for regular management and employee share programs. The repurchase program was completed on April 3, 2020, and was accomplished under the authorization granted by the Annual General Meeting of Shareholders of the Company held on April 10, 2019. The execution of the share repurchase program was 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 have been carried out during closed periods.
In accordance with the European Market Abuse Regulation, the Company informed the market of the progress made in the execution of this program through weekly press releases and updates on its website.
Completion 2020 Share Repurchase Program
April 3, 2020
SBM Offshore reports that it has completed its EUR150 million 2020 share repurchase program.
Between February 13, 2020 and April 3, 2020 a total of 12,094,623 common shares were repurchased, at an average price of EUR12.40 per share. Further detailed information regarding all individual transactions can be accessed via the Investor Relations Center of the Company’s website
The repurchases were made under the EUR150 million share repurchase program announced on and effective from February 13, 2020. The objective of the program was to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the aggregate of the transactions (calculated on a daily basis) for the period in which the program was executed can be found in the top half of the table below.
Share Repurchase Program
|Overall progress Share Repurchase Program:|
|Total Repurchase Amount||EUR 150,000,000|
|Cumulative Repurchase Amount||EUR 149,999,999|
|Cumulative Quantity Repurchased||12,094,623|
|Cumulative Average Repurchase Price||EUR 12.40|
|Start Date||February 13, 2020|
|End Date||April 3, 2020|
|Percentage of program completed as at April 3, 2020||100%|
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 13, 2020, details of which are available on its website.