December 16, 2013
SBM Offshore ("the Company") refers to its press release of November 11, 2013
and to Daya Materials Berhad's ("DMB") announcement earlier this afternoon
concerning the sale of the DSCV SBM Installer to Daya Vessels Limited ("DVL").
The memorandum of agreement ("MOA") entered into between the Company and DVL was
subject to DVL securing transaction financing. Although the Company over the
past month granted DVL a series of extensions of time to permit DVL to fulfil
its obligations under the terms of the MOA in relation to securing financing and
the provision of security, DVL has continually failed to meet its pertinent
obligations in breach of the MOA. It is clear from DMB'sÂ announcementÂ of earlier
today that DMB has no intention to permit DVL to honour the MOA, leaving the
Company no alternative but to seek legal recourse.
Meanwhile, the Company has reopened the sale of the DSCV SBM Installer with a
view to securing a new purchaser shortly.
SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam.
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 over 9,600 people worldwide, who are spread over five
execution centres, eleven operational shore bases, several construction yards
and the offshore fleet of vessels. 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
Schiedam, December 16, 2013
For further information, please contact:
Nicolas D. Robert
Head of Investor Relations
Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
Group Communications Director
Telephone: +377 92 05 30 83
Mobile: +33 (0) 6 80 86 36 91
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.
To see the complete version of this press release, please click on the link
SBM Offshore Press Release:
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Source: SBM Offshore N.V. via GlobeNewswire