SBM Offshore is pleased to announce a EUR 150 million (c. US$165 million) share repurchase program, effective from February 13, 2020.
The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs.
Share repurchase program
The Execution of the share repurchase program will be done under the terms of an engagement letter with a third party
The repurchase program is expected to be completed within the year 2020, and it will be accomplished under the authorisation granted by the Annual General Meeting of Shareholders of the Company held on April 10, 2019.
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 harbour provisions for share repurchases, and therefore transactions may be carried out during closed periods.
Changes in future circumstances
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.