SBM Offshore Reaches Settlement in Brazil Corruption Probe

Friday, July 27, 2018

SBM Offshore has reached a settlement in a long-running corruption investigation it faced in Brazil, allowing the Dutch marine engineering group to take up new business there.

SBM said late on Thursday it would pay approximately $189 million to the Brazilian authorities and state oil company Petrobras in fines and compensation for damages.

The company would not receive earlier agreed performance bonuses worth about $180 million in the period until 2030, it said.

The agreement would end all anti-corruption investigations against SBM in Brazil and would allow it to participate again in Petrobras tenders, the company said.

SBM was accused of paying bribes to government officials to secure contracts with Petrobras, which has been at the centre of Brazil's largest corruption scandal amid investigations into a political kickback scheme involving contractors.

Two former SBM executives pleaded guilty in November to U.S. charges that they participated in a scheme to bribe officials at three foreign state-run oil companies, including Petrobras.


(Reporting by Bart Meijer Editing by Edmund Blair)

Categories: Contracts Legal Offshore Energy Offshore Energy

Related Stories

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Second Hai Long Substation Heads to Project Site Offshore Taiwan

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

ADNOC Secures LNG Supply Deal with India's BPCL

Japan's Mitsui Eyes Alaska LNG Project

European LNG Imports Up with Asian Influx

VIDEO: AIRCAT Crewliner takes Shape to Service Offshore for TotalEnergies Angola

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

Pharos Energy Extends Licenses for Two Vietnamese Gas Fields

Current News

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com