Following the recent charges made by the Brazilian Public Prosecutor's Office (Ministério Público Federal - "MPF") against SBM Offshore's CEO, Mr. Bruno Chabas, and against a member of the Company's Supervisory Board, Mr. Sietze Hepkema, the Supervisory Board has, together with its advisers, reviewed and discussed the allegations which have been published in relation to Messrs. Chabas and Hepkema.

The Supervisory Board has concluded that there are no impediments to Mr. Chabas continuing in his role as CEO of SBM Offshore and to his leadership of the Company through these challenging times. Likewise, the Supervisory Board sees no impediments to Mr. Hepkema continuing to serve as member of the SBM Offshore Supervisory Board. As always, due regard is given to potential conflicts of interest.
The Chairman of the Supervisory Board, Mr. Frans Cremers commented: "It is unfortunate that the very people who have been and still are doing the right things in this complex compliance case in Brazil, are now being questioned. We have no doubts regarding the integrity of both Bruno Chabas and Sietze Hepkema, who continue to have our full support."