Weekly share repurchase program transaction details
On May 15, 2024, SBM Offshore disclosed the latest details of its EUR 65 million (approximately US$70 million) share repurchase program covering the period from May 9 to May 15, 2024. This program, initiated on March 1, 2024, aims to reduce share capital. As of May 15, 2024, SBM Offshore has repurchased shares worth EUR 17,755,674, representing 27.32% of the total program. During the last five trading days, the company repurchased a total of 192,150 shares at an average price of EUR 14.01, amounting to EUR 2,691,105. All transactions were executed on Euronext Amsterdam, CBOE DXE, and Turquoise exchanges. Detailed transaction data can be accessed on the company's investor relations website.
- The share repurchase program worth EUR 65 million aims to reduce share capital, potentially increasing shareholder value.
- As of May 15, 2024, 27.32% of the repurchase program is completed, showing steady progress.
- The average repurchase price of EUR 14.01 is relatively stable, indicating controlled expenditure.
- All shares are repurchased on reputable exchanges like Euronext Amsterdam, CBOE DXE, and Turquoise, ensuring transparency and trust.
- Only 27.32% of the repurchase program is completed as of May 15, 2024, which could indicate slower-than-expected progress.
- The cumulative repurchase amount of EUR 17,755,674 is significantly lower than the total program amount, potentially delaying the intended capital reduction benefits.
- The fluctuating daily average repurchase prices, ranging from EUR 13.88 to EUR 14.15, could indicate market volatility.
May 15, 2024
SBM Offshore reports the transaction details related to its EUR65 million (c. US
The repurchases were made under the EUR65 million share repurchase program announced on February 29, 2024 and effective from March 1, 2024. The objective of the program is to reduce share capital. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period March 1, 2024 through May 15, 2024 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 Investors section of the Company’s website.
| Share Repurchase Program | |||||||
| Overall progress Share Repurchase Program: | |||||||
| Total Repurchase Amount | EUR 65,000,000 | ||||||
| Cumulative Repurchase Amount | EUR 17,755,674 | ||||||
| Cumulative Quantity Repurchased | 1,251,588 | ||||||
| Cumulative Average Repurchase Price | EUR 14.19 | ||||||
| Start Date | March 1, 2024 | ||||||
| Percentage of program completed as of May 15, 2024 | |||||||
| Overview of details of last 5 trading days: | |||||||
| Trade Date | Quantity Repurchased | Average Purchase Price | Settlement Amount | ||||
| May 9, 2024 | 27,500 | EUR 14.15 | EUR 389,188 | ||||
| May 10, 2024 | 42,500 | EUR 14.11 | EUR 599,622 | ||||
| May 13, 2024 | 43,156 | EUR 13.88 | EUR 598,924 | ||||
| May 14, 2024 | 36,051 | EUR 13.99 | EUR 504,483 | ||||
| May 15, 2024 | 42,943 | EUR 13.95 | EUR 598,888 | ||||
| Total | 192,150 | EUR 14.01 | EUR 2,691,105 | ||||
1All shares purchased via Euronext Amsterdam, CBOE DXE and or Turquoise
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 29, 2024, details of which are available on its website.
Corporate Profile
SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources.
More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.
For further information, please visit our website at www.sbmoffshore.com.
| Financial Calendar | Date | Year | |
| Half Year 2024 Earnings | August 8 | 2024 | |
| Third Quarter 2024 Trading Update | November 14 | 2024 | |
| Full Year 2024 Earnings | February 20 | 2025 | |
| Annual General Meeting | April 9 | 2025 | |
| First Quarter 2025 Trading Update | May 15 | 2025 |
For further information, please contact:
Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager
| Mobile: | +31 (0) 6 23 34 37 64 |
| E-mail: | wouter.holties@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Evelyn Tachau Brown
Group Communications & Change Director
| Mobile: | +377 (0) 6 40 62 30 34 |
| E-mail: | evelyn.tachau-brown@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Market Abuse Regulation
This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Disclaimer
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. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impact, Risk and Opportunity Management’ section of the 2023 Annual Report.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore 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 new information, subsequent events or otherwise.
Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
"SBM Offshore®", the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “Float4Wind®” are proprietary marks owned by SBM Offshore.
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FAQ
What is the objective of SBM Offshore's share repurchase program announced in February 2024?
How much has SBM Offshore spent on its share repurchase program as of May 15, 2024?
What is the average price at which SBM Offshore repurchased shares during the last five trading days?
How many shares did SBM Offshore repurchase between May 9, 2024, and May 15, 2024?
Where can detailed transaction data for SBM Offshore's share repurchase program be accessed?
