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
For further information, please contact:
Sebastiaan de Ronde Bresser
Investor Relations Officer
|Telephone:||(+377) 92 05 85 15|
|Mobile:||(+33) 643 919 312|
Group Communications Director
|Telephone:||(+377) 92 05 30 83|
|Mobile:||(+377) 680 863 691|
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Source: SBM Offshore N.V. via Thomson Reuters ONE