SBM Offshore repurchases shares under EUR227m buyback

SBM Offshore bought back shares during the week ended July 29 under its EUR227 million repurchase program, the company said Wednesday.

The repurchases were made as part of the program announced Feb. 26, which took effect Feb. 27. The objective is to reduce share capital and supply shares for management and employee equity plans, SBM Offshore said. Daily transaction details for the period through July 29 are available on the company's website.

The disclosure is a routine update under EU Market Abuse Regulation. SBM Offshore provides deepwater floating production systems and operates an asset-backed business model. The company employs more than 8,000 people.

The press release did not disclose the number of shares or dollar amount purchased in the week. The program has a maximum size of EUR227 million, valued at roughly $270 million at the Feb. 18 exchange rate.