SBM Offshore Press Release

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Beleggingsadvies 20/12/2012 07:41
- SBM Offshore to write off book value of Yme platform and take settlement provision
- 9.95% equity placement with HAL Investments to restore the balance sheet
- Subject to settlement with Talisman regarding Yme, a fully underwritten rights offering
20 December 2012
Summary
SBM Offshore announces revised expectations for the outcome of the Yme project together with associated provisions, and further announces the anticipated commitment of HAL Investments, a current shareholder, to provide and underwrite fresh equity to support the business.
· US$ 400 million impairment charge to reflect full write down of full book value of Yme platform
· US$ 200 million provision for SBM Offshore's estimate of settlement costs
· US$ 29 million charge for additional costs related to Deep Panuke project
· A 9.95% private placement with HAL Investments B.V. ("HAL") at € 8.50 per ordinary share raising US$ 193 million to ensure that banking covenants are met.
· In addition, subject to the Company reaching a settlement with Talisman in respect of the Yme project within an agreed period:
- HAL to pay an additional sum to reflect a higher valuation for the aforementioned private placement shares;
- HAL to underwrite in full an approximate 10% rights offering at the final private placement price.
· Total impairments and other charges to result in a 2012 estimated Net Loss of approx US$ 100 million
· Estimated 2012 turnover of around US$ 3.6 billion; no further change to guidance
· Publication of 2012 results brought forward to 14 February 2013
· Management Board proposes not to distribute a dividend for 2012 and 2013

Bruno Chabas, CEO of SBM Offshore said:
"We welcome the support of HAL in the important steps we are announcing today. The capital raised through the placement will allow us to restore our balance sheet. HAL has indicated its endorsement of the Management Board's long term vision for SBM Offshore and its strategic direction.

Defining the way forward for Yme has been lengthy and arduous. However, we have made significant progress and are now able to take the tough decision to fully impair the full book value of the platform and provide for settlement costs. In the weeks ahead, we aim to move forward from alignment with our client on the targeted outcome, to the practical steps of an agreement."






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