November 30, 2017
- The Company has signed a Deferred Prosecution Agreement ("DPA")
with the U.S. Department of Justice ("DoJ") resolving the reopened
investigation into the Company's legacy issues and the
investigation into the Company's relationship with Unaoil
- As part of the overall resolution, SBM Offshore USA, Inc. a
U.S. subsidiary of SBM Offshore, pleaded guilty to a single count
of conspiracy to commit a violation of the U.S. Foreign Corrupt
Practices Act
- The Company and SBM Offshore USA, Inc. agree to pay monetary
penalties in the total amount of US$238 million
- The terms of the resolution reflect the Company's cooperation
and confidence in the quality of the Company's compliance program
and efforts by current management
The agreements relate to a conspiracy to violate
the U.S. Foreign Corrupt Practices Act. The resolution references
Brazil, Equatorial Guinea, Angola, Iraq and Kazakhstan from 1996
until 2012. The Company admits, accepts, and acknowledges that it
is responsible under the U.S. Foreign Corrupt Practices Act for the
acts of its officers, directors, employees, and agents as set out
in the filed documents. Under the terms of the DPA, the DoJ agrees
to defer prosecution of the Company during the term of the DPA
(three years). After completion of the term of the DPA and
fulfillment of the conditions, the charges against the Company will
be dismissed.
The Company agrees to pay total monetary
penalties in the amount of US$238 million, of which the Company
will pay on behalf of its U.S. subsidiary, SBM Offshore USA, Inc.
US$500,000 as a criminal fine and a forfeiture of US$13.2 million
as part of the subsidiary's guilty plea. The penalties and
forfeiture of the Company's resolution with the Dutch authorities
in 2014 and the amounts provisioned by the Company for resolution
of its legacy issues in Brazil have been taken into account.
The Company has provisioned for the US$238
million penalty amount. Payment will be due within ten business
days.
The Company's cooperation in the DoJ's
investigation, including conducting a thorough internal
investigation, making regular factual presentations to the DoJ,
voluntarily making employees available for interviews, producing
documents to the DoJ, collecting, analyzing, and organizing
voluminous evidence and information, has been recognized by the
DoJ.
The DoJ recognized that the Company engaged in
remedial measures since 2012-including terminating employees who
were involved in the criminal conduct and terminating numerous
agency relationships with third parties-and the Company's
commitment to its compliance program and internal controls. Based
on the Company's remediation and the state of its compliance
program, the DoJ determined that an independent compliance monitor
was unnecessary.
The agreements do not provide any protection for
individuals against prosecution, regardless of their affiliation
with the Company. As part of the deferred prosecution agreement and
guilty plea, SBM Offshore will continue to cooperate with the
DOJ.
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,
November 30, 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/5ac961cd-78e3-4c0d-b06b-91b4df402196
SBM Offshore NV (EU:SBMO)
Historical Stock Chart
From Apr 2024 to May 2024
SBM Offshore NV (EU:SBMO)
Historical Stock Chart
From May 2023 to May 2024