Weekly share repurchase program transaction details
SBM Offshore reports the cumulative details of its EUR150 million share repurchase program, initiated on August 5, 2021. As of August 25, 2021, the company has repurchased a total of EUR39.3 million worth of shares, equivalent to 2,765,000 shares at an average price of EUR14.21. This represents 26.19% completion of the program. The repurchases aim to reduce share capital and supply shares for management and employee programs. Detailed transaction information is available on the company’s Investor Relations website.
- Completion of 26.19% of the EUR150 million share repurchase program demonstrates commitment to enhancing shareholder value.
- The average repurchase price of EUR14.21 may provide an EPS boost if shares are bought back at a discount.
- Cumulative repurchase amount of only EUR39.3 million indicates slower than expected buyback pace.
- Opportunity cost concerns if significant cash reserves are used for buybacks instead of reinvestment or dividends.
August 25, 2021
SBM Offshore reports the transaction details related to its EUR150 million (c. US
The repurchases were made under the EUR150 million share repurchase program announced on and effective from August 5, 2021. 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 August 5, 2021 through August 25, 2021 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 Centre of the Company’s website.
| Share Repurchase Program | ||||
| Overall progress Share Repurchase Program: | ||||
| Total Repurchase Amount | EUR 150,000,000 | |||
| Cumulative Repurchase Amount | EUR 39,291,125 | |||
| Cumulative Quantity Repurchased | 2,765,000 | |||
| Cumulative Average Repurchase Price | EUR 14.21 | |||
| Start Date | August 5, 2021 | |||
| Percentage of program completed as at August 25, 2021 | | |||
| Overview of details of last 5 trading days: | ||||
| Trade Date | Quantity Repurchased | Average Purchase Price | Settlement Amount | |
| August 19, 2021 | 228,000 | EUR 14.45 | EUR 3,294,579 | |
| August 20, 2021 | 244,000 | EUR 14.41 | EUR 3,515,251 | |
| August 23, 2021 | 179,000 | EUR 14.65 | EUR 2,623,105 | |
| August 24, 2021 | 243,000 | EUR 15.01 | EUR 3,646,887 | |
| August 25, 2021 | 188,000 | EUR 15.16 | EUR 2,850,898 | |
| Total1 | 1,082,000 | EUR 14.72 | EUR 15,930,719 | |
| 1All shares purchased on Euronext Amsterdam and CBOE DXE | ||||
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 August 5, 2021, details of which are available on its website.
Corporate Profile
The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.
As of December 31, 2020, the Company employs approximately 4,570 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.
SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.
Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies “SBM Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our website at www.sbmoffshore.com.
The Management Board
Amsterdam, the Netherlands, August 25, 2021
| Financial Calendar | Date | Year |
| Trading Update 3Q 2021 – Press Release | November 11 | 2021 |
| Full Year 2021 Earnings – Press Release | February 10 | 2022 |
| Annual General Meeting | April 6 | 2022 |
| Trading Update 1Q 2022 – Press Release | May 12 | 2022 |
| Half Year 2022 Earnings – Press Release | August 4 | 2022 |
For further information, please contact:
Investor Relations
Bert-Jaap Dijkstra
Group Treasurer and IR
| Mobile: | +31 (0) 6 21 14 10 17 |
| E-mail: | bertjaap.dijkstra@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Vincent Kempkes
Group Communications Director
| Mobile: | +377 (0) 6 40 62 87 35 |
| E-mail: | vincent.kempkes@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Disclaimer
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. 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. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV 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 subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.
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FAQ
What is the total amount of SBM Offshore's share repurchase program?
How much has SBM Offshore repurchased as of August 25, 2021?
What percentage of the share repurchase program is completed?
What is the average purchase price of shares repurchased by SBM Offshore?
What is the purpose of SBM Offshore's share repurchase program?
