SBM Offshore to Challenge $2.2 Mln Fine

FPSO-Cidade-de-Paraty-sail-away-from-Brasfels-shipyard_02_Original_346002.jpg

SBM Offshore, a Dutch provider of floating production, storage and offloading units (FPSO), said on Friday it opposes financial regulators's claims that it withheld certain price-sensitive information between 2012 and 2014 related to an internal probe into improper payments to sales agents and foreign government officials from 2007 through 2011.

The Dutch Autoriteit Financiële Markten (AFM) has imposed a EUR 2 million ($2.2 million) fine for claims that several public disclosures made by the company in relation to its internal investigation were not made in a timely manner, in violation of the the Dutch Financial Supervision Act. 

AFM says the four instances occurred during a period from March 27, 2012 until the company announced a settlement with the Dutch Public Prosecutor's Office on November 12, 2014.

"The company disagrees and is of the opinion that it has timely disclosed relevant information as and when facts were established throughout the period in question. It will therefore oppose the decision and initiate a procedure against the decision as provided by law and, if needed, appeal the decision in court," SBM said in a statement.

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Liquefaction and Regasification Report And Online Database

  • Annual reports -- Our new 150-page report is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
  • Online database -- The online database is updated every day – with information direct from primary sources. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database.
  • Customer support -- We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request Free Trial