Detailed Insights on SBM Offshore's Share Repurchase Program

Author: Hannah Lewis Updated: 09-18-2024 12:45 PM

SBM Offshore's Share Repurchase Program Overview

SBM Offshore has embarked on a significant share repurchase program, aimed at reinforcing its commitment to maximizing shareholder value. Recently reporting transaction details for its EUR130 million (approximately US$140 million) share repurchase initiative, the company has been active from September 12 through September 18, 2024, reflecting its strategic approach towards capital management.

Growth of the Repurchase Initiative

Initially launched with a budget of EUR65 million and made effective from March 1, 2024, the share repurchase program has since expanded. An increase of EUR65 million was announced on August 8, 2024, indicating the company’s robust strategy to return capital to shareholders while supporting employee management programs. This dual focus not only aims to adjust share capital but also empower employees through stock-based incentives.

Current Program Status

As of now, a substantial portion of the share repurchase program has been executed. As of September 18, 2024, the cumulative amount repurchased stands at EUR53,436,519, which translates to 3,619,021 shares at an average purchase price of EUR14.77. This reflects an impressive 41.11% completion of the program prior to the set deadline.

Recent Trading Activities

In the past week, the financial activities have shown significant trading volumes and a consistent upward trend in share prices. The latest trading sessions include:

Highlights from the Last Five Trading Days

On September 12, 2024, SBM Offshore repurchased 49,892 shares at an average price of EUR16.03, culminating in a settlement of EUR799,684. The following days also witnessed similar activities, with purchases reported on September 13, 16, 17, and 18, each indicating a healthy discipline in managing the share repurchase program.

Company Commitment to Investors

SBM Offshore remains dedicated to providing timely and transparent updates regarding the share repurchase program through its Investor Relations section. Commitment to sustainable practices and responsible energy production forms the core of the company's mission, and this share repurchase endeavor further reflects its long-term vision.

SBM Offshore's Corporate Profile

As a leading name in the offshore energy industry, SBM Offshore designs, builds, installs, and operates floating facilities, embodying a strong dedication to a responsible energy transition. The firm actively works towards reducing emissions from fossil fuel production while simultaneously investing in cleaner alternatives. The global team of over 7,400 professionals is committed to creating a safe and sustainable energy environment.

Investment Opportunities and Future Outlook

Investors monitoring SBM Offshore can expect ongoing updates throughout the lifecycle of the program. The firm plans to maintain its open communication policy regarding its financial calendar, including quarterly trading updates and earnings announcements. For example, the third-quarter trading update is slated for mid-November 2024, where further insights will be shared to fortify investor confidence.

Contacting Investor Relations

For further queries regarding this program or any investment-related inquiries, interested parties can reach out to:

Wouter Holties
Corporate Finance & Investor Relations Manager
Mobile: +31 (0) 2 02 36 32 36

Frequently Asked Questions

What is the total repurchase amount targeted by SBM Offshore?

The targeted repurchase amount of SBM Offshore's program is EUR130 million.

How much has SBM Offshore repurchased so far?

As of September 18, 2024, SBM Offshore has repurchased EUR53,436,519 worth of shares.

What are the average purchase prices for the repurchased shares?

The cumulative average repurchase price currently stands at EUR14.77.

How many shares have been repurchased until now?

A total of 3,619,021 shares have been repurchased under the program.

When can investors expect updates on the program?

Investors can expect regular updates through the company’s Investor Relations section, including a trading update in mid-November 2024.

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