Friday 01 July 2022

SBM Offshore settles with Brazil over corruption claims

Photo: SBM Offshore

Oil industry service group SBM Offshore has reached a deal with the Brazilian authorities to pay the equivalent of €41m to oil and gas group Petrobras following a scandal over corrupt deals made in Brazil.

The agreement, which still has to be approved by a special unit of the Brazilian prosecution department, means SBM Offshore can finally close the door on the affair, which has been rumbling on since 2014 and involved deals made in Angola, Kazakhstan, Iraq and Equatorial Guinea as well as Brazil.

The deal takes the total amount SBM Offshore has paid to avoid legal action in Brazil to $347m. The company reached earlier out-of-court settlements in the Netherlands (2014, $240m) and the US (2017, $238m).

‘We are pleased that following the recent agreement with Petrobras and the Brazilian authorities we now also have reached an agreement that removes the uncertainties around the remaining litigation risk over our historical legacy issues in Brazil,’ said compliance officer Erik Lagendijk in a statement.

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