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SBM Offshore signs leniency agreement with Brazilian authorities, Petrobras

Jaclyn Jaeger | July 30, 2018

Dutch oil and gas services company SBM Offshore said it has reached a leniency agreement with Brazilian authorities to resolve allegations relating to the Petrobras bribery scandal.

On July 26, SBM Offshore and SBM Holding said it signed a leniency agreement with the Brazilian Ministry of Transparency and Comptroller’s General Office (in Portuguese, Controladoria-Geral da União – “CGU”), the General Counsel for the Republic (Advocacia Geral da União – “AGU”), and Petrobras.

The leniency agreement provides for cash payment by SBM Offshore to Petrobras totaling approximately U.S. $148 million (to be paid within 90 days), of which approximately $71 million is a civil fine and approximately $77 million is compensation for alleged damages. SBM Offshore and Petrobras will normalize business relations in respect of tenders, with SBM Offshore now able to effectively compete for new business opportunities.

“The leniency agreement with CGU, AGU and Petrobras marks a key...

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