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SBM Offshore creates new Management Board position for Governance and Compliance

April 10, 2012 - Schiedam, Netherlands


· Creation of Management Board position follows commencement ofcompliance review

· Proposed appointee, Sietze Hepkema, has legal experience spanningthree decades, including as Senior Partner, Allen & Overy, The Netherlands

· Mr Hepkema to oversee governance, compliance and legal affairsworldwide

SBM Offshore N.V. (SBM Offshore or 'the Company') is pleased to announcetheproposed appointment of Mr Sietze Hepkema as 'Chief Governance andComplianceOfficer' as a member of its Management Board, subject to approval byshareholders at an Extraordinary General Meeting to be held on 27 June2012. Inthe interim, Mr Hepkema will join the Company with immediate effect.

In 2011, SBM Offshore's Management Board launched a review of the Company'scompliance procedures, including its anti-corruption guidelines, and theirimplementation. The addition of a Management Board position reflects thedetermination of SBM Offshore's new CEO, Mr Bruno Chabas, and of theSupervisoryBoard to establish a robust compliance culture throughout the Company.

As part of this review, the Company has recently become aware of certainsalespractices involving third parties and which may have been improper. Outsidecounsel and forensic accountants, reporting to both the Management andSupervisory Boards, have been engaged to investigate these practicesthoroughly.The Company has also taken the necessary steps to terminate any suchpractices.SBM Offshore has disclosed its internal investigation to appropriateauthoritiesand is taking remedial action to enhance its compliance programme.

Mr Hepkema will be responsible for corporate governance and compliancematterswith the aim of ensuring conformity with all applicable laws, policies andethical and social standards. Specifically, Mr. Hepkema will have oversightofthe current review with the purpose to ensure that the Company is in fullcompliance with all applicable laws and policies. Additionally, he will betasked with the management of legal affairs and more particularly thesteeringof the ongoing disputes concerning the Company's legacy projects, and thedevelopment and implementation of initiatives on corporate socialresponsibility.

Mr Hepkema is a Dutch qualified lawyer and has been a partner with Allen &Overy. He has over three decades of experience advising companies,specialisingin international corporate law, with a particular focus on corporategovernanceand corporate finance. Mr Hepkema was educated at Harvard Law School andtheErasmus Universiteit Rotterdam and speaks Dutch, English and French.

Bruno Chabas, CEO of SBM Offshore commented on the nomination, "We aredelightedto have secured an individual of the caliber of Mr Hepkema for an essentialnewposition on our Management Board. The creation of this position, and theappointment of a world class legal expert in governance and ethics, is avitalsignal to all our partners and customers, of our determination to upholdthehighest standards of governance and compliance throughout the Company".

To see the full version of this press release please click on the linkbelow:

SBM Offshore press release:

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright andother applicable laws; and

(ii) they are solely responsible for the content, accuracy andoriginality of the information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE


For further information, please contact:
Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: Email Contact


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