May 10, 2018 / 9:21 AM / a year ago

BUZZ-SBM falls after Q1 trading update, no end to Brazilian legal woes

** Shares of Dutch offshore oil platform operator SBM Offshore fall 4.4 percent to 13.74 euros after company says it sees no short term resolution to investigations by Brazilian authorities

** SBM issued a Q1 trading statement in line with expectations after close of trade on Wednesday and maintained 2018 financial forecasts

** SBM, which paid a $238 million fine to settle a U.S.-led bribery investigation in 2017, remains under investigation in Brazil for alleged “improper sales practices” dating to before 2012

** ING says in a note “SBM now admits that there is no short term solution due to the complexity” of parallel Brazilian procedures

** “As there is no other news from this trading update, the Brazilian compliance issue...(will lead) to a likely negative share price today”

** ING rates shares a “Buy” with 12 month target of 20 euros on a sum-of-the-parts estimate

** Stock is now down 6.4 pct year to date

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