SBM Offshore still in talks to resolve bribery case in Brazil

SBM Offshore still in talks to resolve bribery case in Brazil

SBM Offshore has yet to resolve its status in Brazil following an alleged corruption scandal.

To remind, the world’s largest FPSO vessel provider had in July 2016 signed a settlement agreement with the Brazilian authorities, and Petrobras, closing corruption probe over improper payments to Petrobras’ executives.

SBM Offshore has been accused of bribing its way to obtaining FPSO contracts with Petrobras.

Despite settling the case with Petrobras and certain Brazilian authorities, a Brazilian anti-corruption body in September 2016 refused to give authorization to the settlement

The settlement or the leniency agreement stipulated the Dutch company would pay compensation of $328.2 million to Petrobras and $13.6 million to the Brazilian government.

The agreement was the outcome of a negotiation process that began in March 2015.

In a quarterly update on Wednesday, SBM Offshore said the talks on the leniency agreement were still underway. The deal is also under review by the Federal Court of Accounts (Tribunal de Contas da União).

SBM Offshore said: “Under the current interpretation of the tender rules in Brazil, the company can participate in tenders, but it cannot be awarded a contract until the Leniency Agreement is final. The company challenges this position as it considers this situation to be unsatisfactory in light of its ongoing efforts to reach a final resolution.”

The company said it could not provide further clarity or assurance on the outcome of the talks, nor on the timing.

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