SBM Offshore N.V.: SBM OFFSHORE STATEMENT ON RECENT MEDIA REPORTS February 7,
Recent media reports have picked up a publication that was brought to the
Company's attention last week, and was first posted on the internet October
The publication shows great similarity to an e-mail attachment the Company
received from a former employee shortly before the publication was posted
online. The former employee concerned left the Company in June 2012 on the
basis of a mutually agreed upon termination initiated by himself.
Following his departure, the Company had no contact with the employee until
March 2013. At that time, the employee attempted extortion by threatening to
make disclosures based on his interpretation of certain materials he had
illegally obtained or retained. A representative of the employee indicated
that he would be prepared not to do so if the Company would make payments in
the amount of some €3 million.
SBM Offshore refused to entertain the former employee's threat. Upon being
notified of the Company's decision, the publication was posted on Wikipedia.
The Company will be taking steps against the former employee.
The allegations now made by the former employee relate to an ongoing
investigation into potentially improper sales practices. The investigation is
being conducted by outside counsel and forensic accountants which has been
publicly disclosed and of which the competent authorities and investors have
been informed by the Company for over eighteen months.The Company remains in
active dialogue with these authorities. As mentioned by the Company in its
comments to yesterday's 2013 earnings release, the investigation centers
around potentially improper sales practices in two countries in Africa, and in
one other country outside of Africa. As previously stated, it is not yet
possible to provide further information or an estimate of the potential
outcome, financial or otherwise.
The document published on the internet is not a Company produced document.
Since the investigation is still ongoing, SBM Offshore cannot comment on its
contents, however it is safe to note that it is partial, taken out of context
and to the extent factually correct, is outdated. As such, it is not
representative of the facts as the Company understood them then, or
understands them now. The Company denies any allegations of containment.
SBM Offshore N.V. is a listed holding company that is headquartered in
Schiedam. It holds direct and indirect interests in other companies that
collectively with SBM Offshore N.V. form the SBM Offshore group ("the
SBM Offshore provides floating production solutions to the offshore energy
industry, over the full product life-cycle. The Company is market leading in
leased floating production systems with multiple units currently in operation,
and has unrivalled operational experience in this field. The Company's main
activities are the design, supply, installation, operation and the life
extension of Floating Production, Storage and Offloading (FPSO) vessels. These
are either owned and operated by SBM Offshore and leased to its clients or
supplied on a turnkey sale basis.
Group companies employ over 9,600 people worldwide, who are spread over five
execution centres, eleven operational shore bases, several construction yards
and the offshore fleet of vessels. Please visit our website at
The companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate entities. In this communication "SBM Offshore" is
sometimes used for convenience where references are made to SBM Offshore N.V.
and its subsidiaries in general, or where no useful purpose is served by
identifying the particular company or companies.
The Management Board
Schiedam, February 7, 2014
For further information, please contact:
Nicolas D. Robert
Head of Investor Relations
Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
Group Communications Director
Telephone: +377 92 05 30 83
Mobile: +33 (0) 6 80 86 36 91
Some of the statements contained in this release that are not historical facts
are statements of future expectations and other forward-looking statements
based on management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance,
or events to differ materially from those in such statements. Such
forward-looking statements are subject to various risks and uncertainties,
which may cause actual results and performance of the Company's business to
differ materially and adversely from the forward-looking statements. Certain
such forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "may", "will", "should",
"would be", "expects" or "anticipates" or similar expressions, or the negative
thereof, or other variations thereof, or comparable terminology, or by
discussions of strategy, plans, or intentions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in this
release as anticipated, believed, or expected. SBM Offshore NV does not
intend, and does not assume any obligation, to update any industry information
or forward-looking statements set forth in this release to reflect subsequent
events or circumstances.
To see the complete version of this press release, please click on the link
SBM Offshore Press Release
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: SBM Offshore N.V. via Globenewswire
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