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TechnipFMC: $280M is ‘probable estimate’ in global bribery settlement

Jaclyn Jaeger | February 25, 2019

TechnipFMC, a U.K.-based company that provides complete project life cycle services for the energy industry, disclosed in a regulatory filing that it has set aside $280 million, which it says is a “probable estimate” of the aggregate settlement amount with U.S., Brazilian, and French authorities in a global bribery case.

In August 2018, FMC Technologies said in a quarterly filing that it received an inquiry from the U.S. Department of Justice concerning an investigation into whether certain services Unaoil provided to its clients, including FMC Technologies, violated the U.S. Foreign Corrupt Practices Act. On March 29, 2016, Technip also received an inquiry from the Justice Department related to Unaoil.

At that time, FMC Technologies said it was cooperating with investigations by both the Department of Justice and a related investigation by the Securities and...

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