SBM Offshore begins €141m share repurchase following successful completion of 2024 program

SBM Offshore said it has completed its €130 million ($148 million) share repurchase program initiated in 2024, and commenced a new €141 million repurchase program, effective from April 24, 2025.

"The objective of the €141 million share repurchase program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs (maximum US$25 million)," said SBM.

"The remainder of the repurchased shares will be cancelled. The share repurchase program is expected to be completed by February 26, 2026 and will be executed under the authorisation granted by the annual general meeting of the company on April 9, 2025."

The share repurchase program will be executed 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 must inform the market of the progress made in the execution of this program through weekly press releases and updates on its website.

From March 1, 2024 to April 23, 2025 a total of 7,978,332 shares were repurchased, at an average price of €16.29 per share, representing a total of €130 million.

The repurchases were made under the €65 million share repurchase program announced on February 29, 2024, effective from March 1, 2024 which was later increased by €65 million as announced on and effective from August 8, 2024.

The objective of the program was to reduce share capital and, in addition, to provide shares for regular management and employee share programs.