SBM OFFSHORE 
By 1. Yme MOPUstor Platform
As stated on 11 January 2012, SBM Offshore is facing increased challenges with the hook up and commissioning of the Yme platform. Continuing intransigence and unreasonable client demands, which are being aggressively resisted, are contributing significantly to the very low productivity and increased scope of work, all of which are the subject of arbitration proceedings with the client. This is further exacerbated by continuing bad weather.
The revised financial consequences will be released at the earliest feasible point and are expected to lead to a significant additional adverse impact on the Company's 2011 results, with the eventual outcome dependant upon resolution of ongoing disputes with the client.
Contact person: Mr. Sebastiaan de Ronde Bresser
| Telephone: | (+377) 92 05 85 15 |
| Mobile: | (+33) 643 919 312 |
| Fax: | (+377) 92 05 89 40 |
| E-mail: | sebastiaan.derondebresser@sbmoffshore.com: mailto:sebastiaan.derondebresser@sbmoffshore.com |
| Website: | www.sbmoffshore.com: http://www.sbmoffshore.com/ |
To see the full version of this press release please click on the link below:
http://hugin.info/130754/R/1579604/493089.pdf
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE
