3.6Shareholder Information

Listing

SBM Offshore has been listed on Euronext Amsterdam since 1965. The market capitalization as at year-end 2019 was US$3.7 billion. The majority of the Company’s shareholders are institutional long-term investors.

Financial Disclosures

SBM Offshore publishes audited full-year earnings results and unaudited half-year earnings results, which include financials, within sixty days after the close of the reporting period. For the first and third quarters, SBM Offshore publishes a trading update, which includes important Company news and financial highlights. The Company conducts a conference call and webcast for all earnings releases and a conference call only for all trading updates during which the Management team presents the results and answers questions. All earnings-related information, including press releases, presentations and conference call details are available on the SBM Offshore website. Please see the Financial Calendar of 2020 at the end of this section for details of the timing of publication of financial disclosures for the remainder of 2020.

In 2018, the Company expanded its ‘Directional’ reporting. In addition to the Directional income statement, reported since 2013, a Directional balance sheet and cash flow statement are also disclosed in section  4.3.2 of the Consolidated Financial Statements. Expanding Directional reporting aims to increase transparency in relation to SBM Offshore’s cash flow generating capacity and to facilitate investor and analyst review and financial modeling. Furthermore, it also reflects how Management monitors and assesses financial performance of the Company. Directional reporting is included in the audited Consolidated Financial Statements in section 4.3.2.

Dividend Policy & Capital allocation

The Company’s policy is to maintain a stable dividend, which grows over time. Determination of the dividend is based on the Company’s assessment of its underlying cash flow position.

Regarding capital allocation, the Company prioritizes payment of the dividend, followed by the financing of growth, with the option thereafter to repurchase shares, depending on residual financial capacity and cash flow outlook.

Shareholder returns1

Share price development

Share price development in 2019

Year-end price

EUR 16.59

December 31, 2019

Highest closing price

EUR 18.35

July 16, 2019

Lowest closing price

EUR 12.80

January 2, 2019

For 2019 the press releases covering the key news items are listed below:


Date


Subject Press Release

14-02-19

2018 Full-Year Earnings

14-02-19

Announcement Share Repurchase

14-02-19

Proposal Re-Appointments Management Board and Supervisory Board

27-02-19

Annual General Meeting of Shareholders Announcement

29-03-19

Challenge of AFM fine related to timing of disclosures between 2012 and 2014

10-04-19

Annual General Meeting of Shareholders − 2019 Resolutions

10-05-19

Awarded Contracts for ExxonMobil FPSO Liza Unity

16-05-19

2019 First Quarter Trading Update

20-05-19

Completion 2019 Share Repurchase Program

11-06-19

Awarded Letter of Intent for FPSO Mero 2 Lease and Operate Contracts by Petrobras

08-08-19

2019 Half-Year Earnings

06-09-19

Signing of Long-Term FPSO supply agreement with ExxonMobil

30-09-19

Confirming Participation in Auction for Partner's Minority Ownership in SBM Offshore Operated Companies

09-10-19

Confirming Formal Closure of Brazil Legacy Case

16-10-19

Completion US$1.14 billion Financing of Liza Unity

18-10-19

Successful Bidder for Partner's Minority Ownership in SBM Offshore Operated FPSO Companies

07-11-19

Awarded Contracts for Exxonmobil's Third FPSO in Guyana Based on its Fast4Ward® Program

14-11-19

2019 Third Quarter Trading Update

22-11-19

Completion Transaction Regarding Minority Ownership in SBM Offshore operated FPSO Companies

05-12-19

Ordering Two Additional Fast4Ward® Hulls, Bringing the Construction Program to a Total of Five Hulls

09-12-19

Optimizing FPSO N'Goma Project Loan

11-12-19

Floris Deckers to Retire as Chairman of the Supervisory Board

11-12-19

Signing FPSO Sepetiba Contracts

13-12-19

Divesting Minority Interesy in FPSO Sepetiba Projects

23-12-19

FPSO Liza Destiny Producing and on Hire

Major SHAREHOLDERS

As at December 31, 2019, the following investors holding ordinary shares had notified an interest of 3% or more of the Company’s issued share capital to the Autoriteit Financiële Markten (AFM) (only notifications after July 1, 2013 are included):

Date

Investor

% of share capital

26 September 2019

Invesco Limited

3.06%

20 August 2019

Janus Henderson Group plc

5.02%

27 Maart 2019

FIL Limited

4.94%

9 November 2015

Dimensional Fund

3.18%

18 November 2014

HAL Trust

15.01%

Investor Relations

The Company maintains open and active engagement with its shareholders and aims to provide information to the market which is consistent, accurate and timely. Information is provided among other means through press releases, presentations, conference calls, investor conferences, meetings with investors and research analysts and the Company website. The website provides a constantly updated source of information about our core activities and latest developments. Press releases and presentations and information on shareholder communication can be found there under the Investor Relations Center section.

Financial Calendar


Event


Day


Year

Full-Year 2019 Earnings – Press Release

13 February

2020

Annual General Meeting of Shareholders

8 April

2020

Trading Update 1Q 2020 – Press Release

14 May

2020

Half-Year 2020 Earnings – Press Release

6 August

2020

Trading Update 3Q 2020 – Press Release

12 November

2020