SBM Offshore Responds to Brazilian Reports

The Company responds to news that CEO Bruno Chabas and member of the Supervisory Board Sietze Hepkema appear on a list of (former) Petrobras executives, former sales agents and (former) SBM Offshore executives who may be prosecuted in Brazil in relation to a corruption scandal.

The Company will seek clarification on this news with the relevant authorities. The Company believes that allegations are without merit, based on what it heard so far.  Bruno Chabas was appointed CEO effective January 1, 2012 and immediately initiated the self-reporting and investigations that led to a settlement with the Dutch Public Prosecutor over alleged improper payments in November 2014. Sietze Hepkema joined the Company in May 2012 to establish a robust compliance culture throughout the Company.

As of March 17, 2015 the Company is in discussions with the Comptroller General's Office (Controladoria-Geral da União - "CGU"), the Attorney General's Office (Advocacia-Geral da União - "AGU") and Petrobras on a potential mutually acceptable settlement and for the disclosure by SBM Offshore of information relevant to the CGU's investigations. These discussions are ongoing.

The Company will continue to cooperate with authorities.