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SBM Offshore repurchased $3.5M in shares during past week
SBM Offshore bought back EUR 3.1M of its shares in the week through Aug. 19, bringing cumulative repurchases under the EUR 227M program to about EUR 64M since February.
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SBM Offshore bought back EUR 3.1 million ($3.56 million) of its own shares during the week of August 13-19, part of the EUR 227 million buyback program the company launched in February.
The repurchases are one part of the Amsterdam-listed floater specialist's plan to reduce share capital, alongside feeding shares into management and employee equity programs.
The company said on its site that cumulative repurchases since the program's Feb. 27 effective date now stand at roughly EUR 64 million. Individual transaction records are available through the investor section of the SBM Offshore website.
SBM Offshore operates a fleet of floating production, storage and offloading (FPSO) vessels, mostly under long-term contracts that generate predictable cash flows. The company employs more than 8,000 people and has been extending its work into the broader blue economy alongside its legacy deepwater oil and gas work.