SBM Offshore Update on Internal Investigation

SBM Offshore Update on Internal Investigation 
SCHIEDAM, THE NETHERLANDS -- (Marketwire) -- 03/28/13 --  Update on
internal investigation 
Reference is made to the press release of 12 March 2013 in respect of
a rights
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
into
potentially improper sales practices announced on 10 April 2012. 
This investigation commenced in 2012 at the request of SBM Offshore
into alleged
payments involving sales intermediaries in certain
African countries in the period 2007 through 2011, in order to
determine whether these alleged payments
violated anti-corruption
laws. These alleged payments came to the attention of
the management
board after a review of SBM Offshore's compliance procedures in
late
2011. In the course of the investigation allegations were made of
improper
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
Governance and
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.
The initial
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
management levels. 
The Company voluntarily disclosed the investigation to the Dutch
Public Prosecution Service (Openbaar Ministerie) and the United States
Department of
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:
http://hugin.info/130754/R/1688774/554139.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(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 
[HUG#1688774] 
For further information, please contact: 
Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone:   (+377) 92 05 85 15
Mobile:      (+33) 643 919 312
E-mail:      sebastiaan.derondebresser@sbmoffshore.com
Website:     www.sbmoffshore.com 
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone:   (+377) 92 05 30 83
Mobile:      (+377) 680 863 691
E-mail:      anne.guerin-moens@sbmoffshore.com
Website:     www.sbmoffshore.com