February 29, 2024
SBM Offshore is pleased to announce a EUR65 million (US$70 million equivalent1) share repurchase program, effective from March 1, 2024.
The objective of the program is to reduce the Company's share capital. All shares purchased will therefore be cancelled. The repurchase program is expected to be completed within 2024, and it will be accomplished under the authorization granted by the Annual General Meeting of the Company on April 13, 2023 and, if granted, the authorization of April 12, 2024.
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.
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 | |
| Annual General Meeting | April 12 | 2024 | |
| First Quarter 2024 Trading Update | May 8 | 2024 | |
| Half Year 2024 Earnings | August 8 | 2024 | |
| Third Quarter 2024 Trading Update | November 14 | 2024 | |
| Full Year 2024 Earnings | February 20 | 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 (mailto:wouter.holties@sbmoffshore.com) |
| Website: | www.sbmoffshore.com (http://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 (mailto:evelyn.tachau-brown@sbmoffshore.com) |
| Website: | www.sbmoffshore.com (http://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.
1 Based on the foreign exchange rate on February 22, 2024
Attachment
- SBM Offshore announces share-repurchase (https://ml-eu.globenewswire.com/Resource/Download/abee2de3-3b4b-4295-b9ae-067fa6f4d06f)
