Offshore staff

MONACO – SBM Offshore and SBM Holding Inc. have signed a leniency agreement with Brazil’s Ministry of Transparency and Comptroller’s General Office (CGU), the General Counsel for the Republic (AGU), and Petrobras.

It follows previous resolutions SBM Offshore agreed with the Dutch Public Prosecutor and the US Department of Justice in respectively 2014 and 2017.

The new agreement will allow SBM Offshore and Petrobras to normalize business relations in respect of tenders, with SBM Offshore now able to effectively resume competing for new business opportunities offshore Brazil.

Terms include a cash payment by SBM Offshore to Petrobras totaling around $148 million, comprising a civil fine and compensation for alleged damages (to be paid within 90 days), and various other conditions. These include a reduction of 95% in future performance bonus payments related to the FPSOsCidade de Anchieta and Capixaba lease and operate contracts.

Under the terms of the leniency agreement, CGU, AGU, and Petrobras commit to terminate all of their investigations against SBM Offshore and to refrain from initiating new legal proceedings under the Improbity Law, Anti-Corruption Law and Public-Procurement Law in relation to the legacy issues in Brazil.

SBM Offshore added that it continues to cooperate with investigations conducted by CGU and AGU into third parties in relation to the conduct covered by the leniency agreement. Over the next three years the company will periodically report to CGU on its compliance program.

07/27/2018