Shareholder Remuneration

Shareholder Return Policy

On February The Company’s shareholder return policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

Dividend Distribution

On February 28, 2024, the Company announced a US$220 million cash return to shareholders, consisting of a proposed US$150 million dividend payment over 2023 combined with an EUR65 million (US$ 70 million equivalent¹) share repurchase.

During the 2024 AGM, which was held on April 12, 2024, shareholders voted in favor of the proposed all cash dividend of US$150 million, which represents a dividend distribution of US$0.8336 per ordinary share.

Dividends were paid on May 10, 2024 to all shareholders of record as at April 17, 2024 through the bank or broker administering the shares.

The share repurchase program was launched on March 1, 2024, and is expected to be completed before year-end 2024. Shares repurchased as part of the cash return will be cancelled. All details related to this share repurchase program can be found under the Share Repurchase Program section of the Company website.

Going forward, the Company intends to maintain a material level of dividend as part of the annual cash return with US$150 million as a base level.

Dividend Reinvestment Plan

ABM 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.

Please click here for the Frequently Asked Questions about the DRIP.

Dividend Timetable

Footnotes

¹ Based on the foreign exchange rate on February 22, 2024.