SBM Offshore announces share repurchase

February 14, 2019

SBM Offshore is pleased to announce a EUR175 million (c. US$200 million) share repurchase program, effective from February 14, 2019.

The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. The repurchase program is expected to be completed within 2019, and it will be accomplished under the authorization granted by the Annual General Meeting of Shareholders of the Company held on April 11, 2018. 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. In accordance with normal practice to cater for possible changes in future circumstances, the share repurchase program does not obligate the Company to acquire any amount of shares, and it may be suspended at any time at the Company's discretion.

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore Group ("the Company").

SBM Offshore provides floating production solutions to the offshore energy industry, over the full product lifecycle. The Company is market leading in leased floating production systems delivered to date, with multiple units currently in operation and has unrivalled operational experience in this field. The Company's main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry.

As of December 31, 2018, Group companies employ approximately 4,350 people worldwide, including circa 650 contractors, which are spread over offices in key markets, operational shore bases and the offshore fleet of vessels. Group Companies employ a further 400 people, working for the joint ventures with two construction yards. For further information, please visit our website at www.sbmoffshore.com.