6.1.9Compliance Reporting

SBM Offshore reports on significant fines applicable to SBM Offshore and all affiliate companies.

To define a significant fine the following thresholds are considered (subject to final assessment by Management Board on a case by case basis):

  1. Operational fines of a regulatory and/or administrative nature which exceed US$ 500,000.
  2. Legal and compliance fines of a criminal nature which exceed US$ 50,000. (Related to fraud, corruption, bribery, insider trading, etc.)

Non-monetary sanctions are reported on the basis of Tier 1 regulatory incidents.