2005 Annual Report - SBM Offshore

Shareholder information
Share listing
The shares of SBM Offshore N.V. (par value € 1.00) are listed
on the stock exchange of Amsterdam since 11 October 1965,
originally under the name IHC Holland and later as IHC
Caland. The shares are included in the AEX Index of Euronext
Amsterdam since 4 March 2003. On 2 May 2005 the shares
were for the first time listed under the current name SBM
Offshore. Out of the 23 participants in the index at year-end
2005, the Company ranked 19th on the basis of market
capitalisation, with a weighting of 0.59%, and 22nd on the
basis of turnover. Options on Company shares have been
traded since 7 July 1993 on the Euronext Amsterdam
Derivative Markets. The revised Articles of Association
adopted by the Extraordinary General Meeting of
Shareholders of 11 February 2005 provided the Company with
the option to dematerialise its shares. This change was
effected on 31 October 2005, replacing the bearer shares by
a share register.
Share price development
The share price went up during the year 2005 by 46% from
€ 46.74 to € 68.25, thereby outperforming the AEX by
20.5%, compared with an outperformance by 5% in 2004.
In US Dollar terms the increase of the share price in 2005 was
26.7%, from US$ 63.47 to US$ 80.41.
Dividend
As in previous years, the annual dividend will be calculated in
US Dollars, but will be payable in Euros. The conversion into
Euros will be effected on the basis of the exchange rate on 19
May 2006. The same exchange rate will apply in the event a
shareholder elects for a dividend payment in shares of SBM
Offshore. Based on the year-end closing price, the proposed
dividend of US$ 3.30 per share gives a yield of 4.0% per
share (2004: 2.7%). The proposed dividend is based upon the
Company’s usual 50% pay-out ratio, and taking into account
the exceptional net income from the FPSO Serpentina
transaction.
Number of outstanding ordinary shares
The total number of ordinary shares in SBM Offshore showed
the following movements during the year 2005:
8
Balance 1 January 2005 33,558,978
Stock dividend 430,877
Options exercised 450,370
Bonus shares 3,356
Balance 31 December 2005 34,443,581
Shareholders
No detailed register of individual shareholders is available to
the Company but according to information provided by the
largest banks and financial institutions, the shares are mainly
in the hands of institutional investors, of whom the large
majority is Anglo-American.
Currently only one institutional investor, Capital Research
Global Investors from the United States of America has, as
required under the Major Holdings in Listed Companies
Disclosure Act, disclosed an interest in the capital of SBM
Offshore in excess of 5%.
Employees of the Company own approximately 166,000
shares in SBM Offshore through an Employee Share
Ownership Plan (ESOP).
Financial
Average daily liquidity in 2005 amounted to around 230,000
shares, equivalent to 170% of the average number of
outstanding shares on an annual basis.
Market capitalisation at 31 December 2005 was € 2,351
million compared with € 1,568 million at the end of 2004, an
increase of 49.9%. The equivalent figures in US Dollars show
a market capitalisation at the end of 2005 of US$ 2,770
million, up by 30.0% from US$ 2,130 million at 31 December
2004.
Year Turn % Share Highest Lowest Closing Closing
over by capital share share share share
volume price in price in price in price in
€ € € US$
2001 27,342,047 93.68 65.60 40.60 52.50 46.73
2002 26,892,853 83.64 64.95 41.32 50.30 52.57
2003 42,956,586 133.59 52.25 33.53 43.00 54.22
2004 59,305,043 179.69 47.08 33.56 46.74 63.47
2005 57,889.459 170.26 72.55 45.75 68.25 80.41