Annual General Meeting of Shareholders

SBM Offshore Company Update and 2020 Resolutions - Seite 2

In SBM Offshore’s office locations, most staff work from home and activities continue. Staff are updated on a regular basis and are supported with advice to help them achieve a healthy balance between professional and personal lives.

Activity and operations therefore continue, although with some incremental expenditure to keep operations running safely. In this regard, measures have been taken to postpone non-vital programs to reserve cash to help offset these impacts.

The unprecedented effects of the combined supply and demand shocks in the oil and gas industry have a major impact on oil and gas companies across the globe. In order to preserve liquidity and cash, measures to reduce and defer expenditure are in the process of being implemented by most oil companies across all of their business segments. SBM Offshore is assessing where the Company may be able to assist its clients, while creating a solution which is fair for all parties.

SBM Offshore announced the completion of the EUR150 million 2020 share repurchase program on April 3, 2020. The Company continues to have access to sufficient liquidity from its operating cash flow, committed project financing, revolving credit facility and cash balances.

The Company will provide regular updates on its website and expects to provide further visibility on the impact of the current situation on the Company’s business and financials as part of the regular 2020 First Quarter Trading Update on May 14, 2020.  An update on the status of the outlook and guidance for 2020 financials will be provided at that time, taking into consideration any further developments in the coming weeks.

2020 AGM Resolutions

SBM Offshore N.V. is pleased to announce that all but one resolutions were adopted as proposed during the Annual General Meeting of Shareholders of April 8, 2020. The adopted resolutions include the re-appointments of Bruno Chabas as member of the Management Board and Chief Executive Officer and Francis Gugen as member of the Supervisory Board as well as the appointments of Andy Brown and Jaap van Wiechen as members of the Supervisory Board.

A proposal to implement legally required changes to the Remuneration Policy for the Management Board to comply with legislation implementing the EU Shareholder Rights’ Directive in the Netherlands did not get the required 75% of the votes. As a result, the existing Remuneration Policy 2018, which was adopted in 2018 remains in place with respect to the Management Board remuneration. The Supervisory Board will continue to engage with shareholders and stakeholders and use this input for a proposal for a new remuneration policy in the next Annual General Meeting of Shareholders in 2021.