Agreement Signed Between SBM Offshore and Brazilian Public Prosecutor

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

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, 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 Relations

Bert-Jaap Dijkstra
Director Corporate Finance and IR

Telephone: +31 (0) 20 236 3222
Mobile: +31 (0) 6 21 14 10 17
E-mail: Bert-Jaap Dijkstra


Media Relations

Vincent Kempkes
Group Communications Director

Telephone: +31 (0) 20 2363 170
Mobile: +31 (0) 6 25 68 71 67
E-mail: Vincent Kempkes



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.