Weekly share repurchase program transaction details
SBM Offshore has provided details of their EUR 65 million (approx. USD 70 million) share repurchase program for the week of May 23-29, 2024. The program, started on March 1, 2024, aims to reduce share capital. As of May 29, 2024, 33.76% of the program has been completed with a cumulative repurchase amount of EUR 21,944,332 for 1,553,031 shares at an average price of EUR 14.13. During the last five trading days, a total of 143,549 shares were repurchased at an average price of EUR 13.85, totaling EUR 1,987,563. Detailed transaction information is available on the company's website.
- The share repurchase program aims to reduce share capital, which can potentially increase earnings per share and share value.
- A cumulative repurchase of EUR 21,944,332 has been achieved, representing 33.76% of the total program, indicating steady progress.
- Shares were repurchased at an average price of EUR 14.13, which is relatively consistent, showing management's confidence in the stock's valuation.
- Only 33.76% of the repurchase program has been completed in nearly three months, which may suggest slower-than-expected progress.
- The average repurchase price of EUR 14.13 might be seen as high if the market outlook changes or the stock underperforms.
May 29, 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 29, 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 21,944,332 | ||||||
| Cumulative Quantity Repurchased | 1,553,031 | ||||||
| Cumulative Average Repurchase Price | EUR 14.13 | ||||||
| Start Date | March 1, 2024 | ||||||
| Percentage of program completed as of May 29, 2024 | |||||||
| Overview of details of last 5 trading days: | |||||||
| Trade Date | Quantity Repurchased | Average Purchase Price | Settlement Amount | ||||
| May 23, 2024 | 30,675 | EUR 13.83 | EUR 424,090 | ||||
| May 24, 2024 | 28,937 | EUR 13.74 | EUR 397,558 | ||||
| May 27, 2024 | 28,029 | EUR 13.84 | EUR 387,919 | ||||
| May 28, 2024 | 27,981 | EUR 13.89 | EUR 388,740 | ||||
| May 29, 2024 | 27,927 | EUR 13.94 | EUR 389,257 | ||||
| Total | 143,549 | EUR 13.85 | EUR 1,987,563 | ||||
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) 2 02 36 32 36 |
| 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 purpose of SBM Offshore's share repurchase program announced in May 2024?
How much has SBM Offshore spent on repurchasing shares as of May 29, 2024?
How many shares has SBM Offshore repurchased from May 23 to May 29, 2024?
What is the average price at which SBM Offshore repurchased shares in May 2024?
How much of SBM Offshore's share repurchase program was completed by May 29, 2024?
Where can I find detailed information about SBM Offshore's share repurchase transactions?
