SBM Offshore Update on Legacy Issue in Brazil
December 22 2017 - 12:01PM
December 22, 2017
Further to the Update issued on November 6, 2017
the Company reports on two developments in Brazil.
- The Company learned that following a review of the leniency
agreement pending the injunction order suspending signing of the
leniency agreement, the Federal Court of Accounts (Tribunal de
Contas da União - "TCU") decided to allow the Ministry of
Transparency, Oversight and Control (Ministério da Transparência,
Fiscalização e Controle - "MTFC"), the General Counsel for the
Republic (Advocacia Geral da União - "AGU") and Petrobras to move
forward with the signing of the leniency agreement.
- The Federal Prosecutor's Office (Ministério Público Federal -
"MPF") has filed a damage claim based on the Brazilian Improbity
Act with the Federal Court in Rio de Janeiro against a Brazilian
subsidiary of the Company, an intermediate holding company in
Switzerland and a number of individuals, including former employees
of the SBM Offshore Group. The claim relates to the alleged
improper sales practices before 2012 that are also the subject of
the leniency agreements under discussion with the Brazilian
authorities and Petrobras. The judge handling the case will now
have to decide on the acceptance of the lawsuit before the
Brazilian court, after which the defendants could be served with
the court documents. In the context of this lawsuit, the MPF asked
the court to impose a provisional measure as a means to secure
damages potentially awarded.
The Company is analyzing the legality of the MPF
damage claim and the potential impact of these developments on the
ongoing discussions at large and is actively seeking the views from
the authorities involved. If and when necessary, the relevant Group
companies will defend their position before the authorities and in
court.
The Company again reaffirms its commitment to
close out its legacy issues in Brazil by means of a leniency
agreement. However, to enter into the leniency agreements, the
Company would need to be in a position to reach satisfactorily
closure with all Brazilian authorities and Petrobras on all
outstanding leniency issues at the same time. Under the current
circumstances, the Company cannot guarantee that a satisfactory
resolution will be reached.
For more information the Company refers to its
earlier disclosures, and in particular its press release of
November 6, 2017.
Corporate Profile
SBM Offshore N.V. is a listed holding company
that is headquartered in Amsterdam. It holds direct and indirect
interests in other companies that collectively with SBM Offshore
N.V. form the SBM Offshore Group ("the Company").
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.
As of December 31, 2016, Group companies employ
approximately 4,750 people worldwide. Full time company employees
totaling c. 4,250 are spread over five regional centers, ten
operational shore bases and the offshore fleet of vessels. A
further 500 are working for the joint ventures with several
construction yards. For further information, please visit our
website at www.sbmoffshore.com.
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 BoardAmsterdam, the Netherlands,
December 22, 2017
Financial Calendar |
Date |
Year |
Full-Year 2017 Earnings - Press Release |
February 8 |
2018 |
Annual General Meeting of Shareholders |
April 11 |
2018 |
Trading Update 1Q 2018 - Press Release |
May 9 |
2018 |
Half-Year 2018 Earnings - Press Release |
August 9 |
2018 |
Trading Update 3Q 2018 - Press Release |
November 15 |
2018 |
Note: date in bold was changed - as reported in the
press release of November 8, 2017 - from May 10, 2018 before market
opening to May 9, 2018 after market close to accommodate Ascension
Day
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraInvestor Relations Director
Mobile
NL:Mobile MC: |
+31 (0)
6 2114 1017+33 (0) 6 4391 9302 |
Telephone: |
+31 20
236 3222 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent KempkesGroup
Communications Director
Telephone: |
+31 (0)
20 2363 170 |
Mobile: |
+31 (0)
6 25 68 71 67 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. 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. Nothing in this press release shall be deemed an
offer to sell, or a solicitation of an offer to buy, any
securities.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/92c04867-b834-43ac-a6e5-109a4dd60817
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