SBM Offshore Update on Internal Investigation
SCHIEDAM, THE NETHERLANDS -- (Marketwire) -- 03/28/13 -- Update on
Reference is made to the press release of 12 March 2013 in respect of
issue which SBM Offshore intends to launch. Subject to
approval by the annual
general meeting of shareholders of SBM
Offshore on 2 April 2013, a prospectus
for the rights issue will be
issued shortly after that date. In the prospectus,
SBM Offshore will
give an update on the initial feedback of the investigation
potentially improper sales practices announced on 10 April 2012.
This investigation commenced in 2012 at the request of SBM Offshore
payments involving sales intermediaries in certain
African countries in the period 2007 through 2011, in order to
determine whether these alleged payments
laws. These alleged payments came to the attention of
board after a review of SBM Offshore's compliance procedures in
2011. In the course of the investigation allegations were made of
payments in countries outside Africa but to date no
conclusive proof of such
allegations has been established. The
investigation is being carried out by outside legal counsel and
forensic accountants, with the support of the chief
Compliance officer and under the oversight of the audit committee.
The investigation is expected to be completed in 2013.
As the investigation is not yet concluded, SBM Offshore cannot make
any definitive statements regarding the findings of the investigation.
feedback received to date is that there are indications
that substantial payments were made, mostly through intermediaries,
which appear to have been
intended for government officials. Also,
SBM Offshore's new Management Board,
which was appointed in the
course of 2012, has found it necessary and appropriate to increase
awareness of proper compliance throughout the Group up
to the highest
The Company voluntarily disclosed the investigation to the Dutch
Public Prosecution Service (Openbaar Ministerie) and the United States
Justice in 2012. The Company will update the authorities
on this initial feedback from the investigation shortly. At this
stage it is not possible to
state anything on the outcome of the
investigations, financial or otherwise.
The Board of Management
Schiedam, 28 March 2013
To see the complete version of this press release, please click on
the link below.
SBM Offshore Press Release:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE
For further information, please contact:
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
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