Breaking News

Tweet TWEET

SBM Offshore N.V. : SBM OFFSHORE UPDATE ON INTERNAL INVESTIGATION

      SBM Offshore N.V. : SBM OFFSHORE UPDATE ON INTERNAL INVESTIGATION

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 2April 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

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

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 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
 
Press spacebar to pause and continue. Press esc to stop.