SBM reaches corruption deal in Brazil

Brazil

BRASíLIA, July 27, 2018 – Dutch company SBM Offshore has agreed to pay USD 189 million to Petrobras related to corruption charges, the marine services provider said in a statement on Thursday.

The leniency agreement calls for SBM to make cash payments and forego 95% of future performance bonus payments related to the Cidade de Anchieta and Capixaba FPSOs through 2030.

In return, Brazilian authorities will not be able to continue or open new investigations into SBM for legacy corruption charges, and the company will once again be allowed to participate in Petrobras tenders without penalty.

“The leniency agreement with CGU [Brazilian Ministry of Transparency and Comptroller’s General Office], AGU [General Counsel for the Republic] and Petrobras marks a key milestone towards a closure of the company’s legacy issues in Brazil,” SBM CEO Bruno Chabas said. “This agreement supports the continuation of our long-lasting relationship with Petrobras and will allow SBM Offshore to successfully pursue new business opportunities in Brazil.”

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