Update on Legacy Issues in Brazil
05 Luglio 2018 - 7:05AM
July 5, 2018
As announced by the Company on December 22,
2017, the Federal Prosecutor's Office (Ministério Público Federal -
"MPF") filed a claim based on the Brazilian Improbity Act
with the Federal Court in Rio de Janeiro against, among others, SBM
Offshore Group Companies.
The Improbity Lawsuit relates to the alleged
improper sales practices before 2012 that are also the subject of
the Leniency Agreement discussion with Brazilian authorities and
Petrobras. In the context of the Improbity Lawsuit, the MPF asked
the court to impose a provisional measure as a means to secure
payment of damages potentially awarded.
On July 4, 2018 the Company became aware of an
interim decision by the judge handling the case. From what the
Company understands thus far, the judge has partially granted the
request for a provisional measure. The provisional measure aims to
order Petrobras to start withholding a percentage of monthly
payments due to SBM Offshore companies under certain charter
contracts in escrow as collateral in respect of the Improbity
Lawsuit. The decision references the fact that SBM Offshore is
headquartered overseas and that recovery from the Company of any
damages may depend on international legal cooperation and
(un)availability of assets in the future.
Before taking a decision on the amounts to be
withheld, the judge is requesting more information from Petrobras
and the Company. Petrobras is requested to indicate its interest in
becoming a plaintiff in the Improbity Lawsuit as well as to present
evidence on the impact of the retention of amounts. The Company is
requested to provide financial information on the contracts that
are part of the object of this litigation. The Federal Government
is also requested to indicate its interest in this litigation.
The Company strongly disagrees with the interim
decision, is seeking further clarification and is taking all
appropriate measures to defend its interests. The Company will
inform the markets if and when new information becomes
available.
Over the past months, the discussion between 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"),
Petrobras and SBM Offshore relating to the leniency agreement have
progressed. The Company has contacted the parties in this
discussion to evaluate next steps in light of the development in
the Improbity Lawsuit.
Under the current circumstances, the Company
cannot guarantee that a satisfactory resolution will be
reached.
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
lifecycle. The Company is market leading in leased floating
production systems delivered to date, 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 solutions for the offshore energy industry.
As of December 31, 2017, Group companies employ
approximately 4,800 people worldwide. Full time company employees
totaling c. 4,300 are spread over offices in key markets,
operational shore bases and the offshore fleet of vessels. A
further 500 are working for the joint ventures with two
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,
July 5, 2018
Financial Calendar |
Date |
Year |
Half-Year 2018 Earnings - Press Release |
August 9 |
2018 |
Trading Update 3Q 2018 - Press Release |
November 15 |
2018 |
Full-Year 2018 Earnings - Press Release |
February 14 |
2019 |
Annual General Meeting of Shareholders |
April 10 |
2019 |
Trading Update 1Q 2019 - Press Release |
May 16 |
2019 |
Half-Year 2019 Earnings - Press Release |
August 8 |
2019 |
Trading Update 3Q 2019 - Press Release |
November 14 |
2019 |
For further information, please
contact:
Investor RelationsBert-Jaap
DijkstraDirector Corporate Finance and IR
Telephone: |
+31 (0)
20 236 3222 |
Mobile: |
+31 (0)
6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media Relations Vincent 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.
- Update on Legacy Issues in Brazil.pdf
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