6.3.11Dividends paid and proposed
As previously stated, the Company introduced in 2015 a new dividend policy which consists paying out either in cash or in shares of SBM Offshore at the election of each shareholder between 25% and 35% of the directional net income, provided that positive free cash-flows are expected to be generated during the year of payment. In accordance with this policy but taking account the specific circumstances relating to 2015 including the nature of the non-recurring items, a dividend out of 2015 net income of US$ 0.21 per share will be proposed to the Annual General Meeting on 6 April 2016, corresponding to 25% of the Company’s US$ 180 million Directional net income adjusted, this year, for non-recurring items. The decreasing level of investments related to the nearings under construction completion and their anticipated production in 2016 will generate strong and sustainable free cash flows from first oil onwards.
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 6 April 2016.
In respect of the year ended 31 December 2014, no dividend was paid.