Agreement Signed Between SBM Offshore and Brazilian Public Prosecutor
01 Settembre 2018 - 5:43PM
September 1, 2018
Following the announcement by the Company of
July 26, 2018 of a Leniency Agreement with Brazilian Authorities
CGU (Ministério da Transparência e Controladoria-Geral da União-
"CGU") and AGU (Advocacia Geral da União - "AGU") and Petróleo
Brasileiro S.A. ("Petrobras") that allowed the Company to resume
normal business activities with Petrobras, the Company has now also
signed an additional agreement with the Brazilian Federal
Prosecutor's Office (Ministério Público Federal - "MPF") (the
"Agreement").
The Agreement means that the Company has now
also reached a final settlement with the MPF over alleged improper
sales practices before 2012, in addition to that with the Brazilian
Authorities and Petrobras. As with all such agreements signed by
the MPF, the Agreement is subject to approval by the Fifth Chamber
of the MPF. Earlier comments by the Fifth Chamber in 2016, when it
did not approve an earlier agreement, have been addressed. As such
it is anticipated that approval from the Fifth Chamber should be
forthcoming.
Under the Agreement, the MPF commits to refrain
from initiating new legal proceedings against the Company under the
Improbity Law, Anti-Corruption Law and Public-Procurement Law in
relation to the legacy issues in Brazil. The MPF and the Company
will jointly request the court to formally close the Improbity
Lawsuit filed by the MPF in 2017, including the associated
provisional measure to secure payment of potential damages. Once
approved the case will be closed and the agreement will become
fully effective.
The Agreement provides - in addition to the
amounts agreed in the Leniency Agreement - for the payment of an
additional fine by SBM Offshore of BRL 200 million (Brazilian
Reais) (approximately US$ 48 million). The additional fine is to be
paid to Petrobras in instalments: an upfront payment of BRL 60
million, with seven BRL 20 million installments thereafter. This
additional agreement brings the total amount of the provision
established by the Company in respect of legacy issues in Brazil
from US$ 299 million to US$ 347 million.
CGU, AGU and Petrobras have expressed support
for this additional agreement with the MPF.
Erik Lagendijk, Chief Governance and Compliance
Officer and Member of the Management Board commented: "We are
pleased that following the recent agreement with Petrobras and
Brazilian Authorities we now also have reached an agreement that
removes the uncertainties around the remaining litigation risk over
our historical legacy issues in Brazil."
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,
September 1, 2018
Financial Calendar |
Date |
Year |
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.
- Press Release - Agreement Signed.pdf
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