April 8, 2020
Today, the Company held its Annual General Meeting of
Shareholders. This release contains the results of that meeting, as
well as an update on COVID-19 related matters.
Company Update
SBM Offshore’s priority is the health and safety
of its staff, contractors and their families, ensuring safe
operations across the Company’s activities at the same time. A
dedicated task force continues to monitor the situation at all
Company locations across the globe, on a daily basis. The Company
follows advice from the relevant authorities and medical experts.
SBM Offshore stays in close contact with clients, partners and
suppliers.
Safe operations of our fleet is of the essence.
In the first quarter, the year-to-date uptime of the fleet has been
in line with our historical track record. Business continuity
protocols have been activated at shore bases, as well as for
offshore operations. To keep offshore operations safe and stable,
only essential maintenance is performed. Crew changes have become
more difficult as travel restrictions often apply in and out of
countries where the Company has operations or crewmembers are
located. Crew rotations have been extended for those offshore while
their upcoming counterparts are in self-quarantine at monitored
facilities onshore.
In the last few days, SBM Offshore has
transported some crewmembers with symptoms from one FPSO back to
shore. Further tests have now confirmed a number of positive
COVID-19 cases. The Company is assessing the situation with the
client and the authorities.
SBM Offshore is carrying out construction
activities in many parts of the world. Additional measures and
protocols have been put in place to ensure the health and
well-being of staff and contractors at the yards. Construction
yards in China reopened in February and are now close to planned
capacity. In Singapore and Dubai, the yards have remained open
until the end of March. Since last week, the authorities suspended
activities at the yard in Singapore for a period of two weeks. Some
delays in project execution will be unavoidable. The Company is in
close contact with clients and business partners to manage the
situation, adjust execution planning and where appropriate create
mitigation plans.
In SBM Offshore’s office locations, most staff
work from home and activities continue. Staff are updated on a
regular basis and are supported with advice to help them achieve a
healthy balance between professional and personal lives.
Activity and operations therefore continue,
although with some incremental expenditure to keep operations
running safely. In this regard, measures have been taken to
postpone non-vital programs to reserve cash to help offset these
impacts.
The unprecedented effects of the combined supply
and demand shocks in the oil and gas industry have a major impact
on oil and gas companies across the globe. In order to preserve
liquidity and cash, measures to reduce and defer expenditure are in
the process of being implemented by most oil companies across all
of their business segments. SBM Offshore is assessing where the
Company may be able to assist its clients, while creating a
solution which is fair for all parties.
SBM Offshore announced the completion of the
EUR150 million 2020 share repurchase program on April 3, 2020. The
Company continues to have access to sufficient liquidity from its
operating cash flow, committed project financing, revolving credit
facility and cash balances.
The Company will provide regular updates on its
website and expects to provide further visibility on the impact of
the current situation on the Company’s business and financials as
part of the regular 2020 First Quarter Trading Update on May 14,
2020. An update on the status of the outlook and guidance for
2020 financials will be provided at that time, taking into
consideration any further developments in the coming weeks.
2020 AGM Resolutions
SBM Offshore N.V. is pleased to announce that
all but one resolutions were adopted as proposed during the Annual
General Meeting of Shareholders of April 8, 2020. The adopted
resolutions include the re-appointments of Bruno Chabas as member
of the Management Board and Chief Executive Officer and Francis
Gugen as member of the Supervisory Board as well as the
appointments of Andy Brown and Jaap van Wiechen as members of the
Supervisory Board.
A proposal to implement legally required changes
to the Remuneration Policy for the Management Board to comply with
legislation implementing the EU Shareholder Rights’ Directive in
the Netherlands did not get the required 75% of the votes. As a
result, the existing Remuneration Policy 2018, which was adopted in
2018 remains in place with respect to the Management Board
remuneration. The Supervisory Board will continue to engage with
shareholders and stakeholders and use this input for a proposal for
a new remuneration policy in the next Annual General Meeting of
Shareholders in 2021.
Shareholders also voted in favor of the proposed
dividend of US$150 million, which represents a dividend
distribution of US$0.8098 per ordinary share. Dividends will be
paid in Euros using an exchange rate of 1.0870, which will result
in a payout of €0.7450 per ordinary share. The cash dividend is
payable on May 6, 2020 to all shareholders of record as at April
15, 2020 through the bank or broker administering the shares.
ABN AMRO is responsible for executing the
dividend payment on behalf of SBM Offshore and offers the Company’s
shareholders the option to participate in a Dividend Reinvestment
Plan (DRIP). By participating in this program, shareholders can
reinvest their net dividend into shares of the Company. Further
information regarding the DRIP will be made available by ABN AMRO
to all financial intermediaries.
Further details on the adopted resolutions can
be found on the Company’s website.
Corporate Profile
The Company’s main activities are the design,
supply, installation, operation and the life extension of floating
production solutions for the offshore energy industry over the full
lifecycle. The Company is market leading in leased floating
production systems, with multiple units currently in operation.
As of December 31, 2019, the Company employed
approximately 4,450 people worldwide spread over offices in our key
markets, operational shore bases and the offshore fleet of
vessels.
SBM Offshore N.V. is a listed holding company
headquartered in Amsterdam, the Netherlands. It holds direct and
indirect interests in other companies.
Where references are made to SBM Offshore N.V.
and /or its subsidiaries in general, or where no useful purpose is
served by identifying the particular company or companies “SBM
Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
April 8, 2020
Financial Calendar |
Date |
Year |
Trading Update 1Q 2020 – Press Release |
May 14 |
2020 |
Half Year 2020 Earnings – Press Release |
August 6 |
2020 |
Trading Update 3Q 2020 – Press Release |
November 12 |
2020 |
Full Year 2020 Earnings – Press Release |
February 11 |
2021 |
Annual General Meeting of Shareholders |
April 7 |
2021 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Telephone: |
+31 (0) 20 236 3222 |
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Telephone: |
+31 (0) 20 236 3170 |
Mobile: |
+31 (0) 6 25 68 71 67 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. Some of the statements contained in this release that
are not historical facts are statements of future expectations and
other forward-looking statements based on management’s current
views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance, or
events to differ materially from those in such statements. Such
forward-looking statements are subject to various risks and
uncertainties, which may cause actual results and performance of
the Company’s business to differ materially and adversely from the
forward-looking statements. Certain such forward-looking statements
can be identified by the use of forward-looking terminology such as
“believes”, “may”, “will”, “should”, “would be”, “expects” or
“anticipates” or similar expressions, or the negative thereof, or
other variations thereof, or comparable terminology, or by
discussions of strategy, plans, or intentions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in this release as anticipated, believed, or
expected. SBM Offshore NV does not intend, and does not assume any
obligation, to update any industry information or forward-looking
statements set forth in this release to reflect subsequent events
or circumstances. Nothing in this press release shall be deemed an
offer to sell, or a solicitation of an offer to buy, any
securities.
- AGM SBM Offshore Company Update and 2020 resolutions
SBM Offshore NV (EU:SBMO)
Historical Stock Chart
From Aug 2024 to Sep 2024
SBM Offshore NV (EU:SBMO)
Historical Stock Chart
From Sep 2023 to Sep 2024