LENIENCY AGREEMENT SIGNED BETWEEN BRAZILIAN AUTHORITIES, PETROBRAS AND SBM OFFSHORE
(Thomson Reuters ONE) -
July 16, 2016
The Ministry of Transparency, Oversight and Control (Ministério da
Transparência, Fiscalização e Controle - "MTFC"), the Public Prosecutor's Office
(Ministério Público Federal - "MPF"), the General Counsel for the Republic
(Advocacia Geral da União - "AGU"), Petróleo Brasileiro S.A. - Petrobras
("Petrobras") and SBM Offshore signed a settlement agreement ("Settlement
Agreement") today that closes out the inquiries of the MPF, the MTFC and
Petrobras into the payment of undue advantages to employees of Petrobras. The
MTFC investigation was suspended as a result of the execution of a Memorandum of
Understanding between the MTFC and SBM Offshore in March 2015. Following the
execution of the Memorandum of Understanding, SBM Offshore, the MTFC, the MPF,
the AGU and Petrobras engaged in negotiations which resulted in the signature on
Friday, July 15 of the Settlement Agreement.
Under the terms of the Settlement Agreement, SBM Offshore is granted, by the
MTFC, the MPF, the AGU and Petrobras, full discharge and exemption from legal
actions for all matters related to or arising from any acts relating to its then
main Brazilian agent and his companies over the period 1996 - 2012 and all
related investigations conducted by Petrobras, the MPF and the MTFC.
The Settlement Agreement provides for Petrobras and SBM Offshore to resume
normal business relationships.
The terms for final settlement negotiated between the Parties are made up as
follows:
* cash payment by SBM Offshore totalling US$162.8 million, of which US$149.2
million will go to Petrobras, US$6.8 million to the MPF and US$6.8 million
to the Council of Control of Financial Activities (Conselho de Controle de
Atividades Financeiras - "COAF") for the implementation of units for massive
electronic process of information and other instruments to be used in the
prevention and combat against corruption by the MPF and the COAF. This
amount will be paid in three installments. The first installment of
US$142.8 million will be payable as of the effective date of the Settlement
Agreement. The two further installments of US$10 million each will be due
respectively one and two years following the effective date of the
Settlement Agreement; and
* a reduction of 95% in future performance bonus payments related to FPSOs
Cidade de Anchieta and Capixaba lease and operate contracts, representing a
nominal value of approximately US$179 million over the period 2016 to 2030,
or a present value for SBM Offshore of approximately US$112 million
* SBM Offshore further remains under the obligation to cooperate with the
procedures that may be conducted by the MTFC and the MPF against third
parties, as developments of the case
* the implementation by SBM Offshore of improvements of its internal
compliance program in relation to Brazil, in consultation with the MTFC, to
whom SBM for three years following the effective date of the Settlement
Agreement, will periodically report on matters addressed in the agreement.
These arrangements do not affect the regular activities of the compliance
departments of Petrobras and of SBM Offshore.
The Settlement Agreement constitutes the results of the institutional
collaboration efforts between the MTFC, the AGU and the Federal Prosecutor
Service of the State of Rio de Janeiro, which jointly conducted the
negotiations, with a view to reaching the best solution for the case.The Public
Prosecutor's Office shall submit the Settlement Agreement for approval of the
Fifth Chamber for Coordination and Review and Anti-Corruption of the Federal
Prosecutor Service, to the extent it is concerned. The MTFC will additionally
send the Settlement Agreement to the Federal Court of Accounts (Tribunal de
Contas da União - "TCU").
Conference Call
SBM Offshore has scheduled a conference call followed by a Q&A session at 08.00
Central European Summer Time on Monday, July 18, 2016 to discuss the Settlement
Agreement.
The call will be hosted by Bruno Chabas (CEO), Peter van Rossum (CFO) and Erik
Lagendijk (CGCO). Interested parties are invited to listen to the call by
dialing +31 20 531 5867 in the Netherlands, +44 20 3365 3210 in the UK or
+1 866 349 6093 in the US.
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.
Group companies employ approximately 7,000 people worldwide. Full time company
employees totaling 4,900 are spread over five regional centres, eleven
operational shore bases and the offshore fleet of vessels. A further 2,100 are
working for the joint ventures with several construction yards. 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 Board
Amsterdam, The Netherlands, July 16, 2016
Financial Calendar Date Year
Half-Year 2016 Earnings - Press Release August 10 2016
Trading Update 3Q 2016 - Press Release November 9 2016
Full-Year 2016 Earnings - Press Release February 8 2017
Annual General Meeting of Shareholders April 13 2017
Trading Update 1Q 2017 - Press Release May 10 2017
For further information, please contact:
Investor Relations
Nicolas D. Robert
Head of Investor Relations
Telephone: +31 (0) 20 2363 126
Mobile: +31 (0) 6 5461 2410
E-mail: nicolas.robert(at)sbmoffshore.com
Website: www.sbmoffshore.com
Media Relations
Vincent Kempkes
Head of Communications
Telephone: +31 (0) 20 2363 170
Mobile: +31 (0) 6 25 68 71 67
E-mail: vincent.kempkes(at)sbmoffshore.com
Website: www.sbmoffshore.com
Disclaimer
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.
Leniency Agreement Signed:
http://hugin.info/130754/R/2028945/754313.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SBM Offshore N.V. via GlobeNewswire
[HUG#2028945]
Unternehmensinformation / Kurzprofil:
Datum: 16.07.2016 - 07:12 Uhr
Sprache: Deutsch
News-ID 483632
Anzahl Zeichen: 10134
contact information:
Town:
Schiedam
Kategorie:
Business News
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