Sevan Marine, a technology and engineering company, announced last week in a statement that it has handed over to Norwegian authorities the results of an internal investigation report regarding potential bribes paid to Petrobras to obtain business.
Sevan said that its board, in collaboration with independent corporate investigator Advokatfirmaet Selmer, initiated an independent corporate investigation in response to Brazilian media reports, indicating irregularities involving contracts awarded during 2005 to 2008. The investigation focused on “the circumstances and facts surrounding how contracts with Petrobras were obtained,” the company said. “The investigation has involved document review and searches in available files, as well as interviews with key individuals.”
According to Selmer, it is “more likely than not” that illegal conduct in the form of improper payments to obtain business occurred when Petrobras awarded contracts to Sevan from 2005 to 2008 regarding Sevan Piranema, Sevan Driller, and Sevan Brasil. “There are indications of suspicious acts and transactions, constituting both a neglect of Sevan’s affairs and/or a conflict with Sevan’s interests and such acts may potentially represent economic crime,” the company stated.
According to the report, the possible wrongdoings identified are connected to individuals who have left Sevan. Based on the findings, the board has handed over the report to Norwegian authorities.
The company said it “will make available evidences and documentation secured in the Investigation.” Additionally, the board has initiated contact with the relevant prosecutors’ offices in the United States, the United Kingdom, and Brazil in coordination with counsels retained in the relevant jurisdictions.
It has during the course of the Investigation been suggested in Brazilian media that Petrobras executives allegedly provided privileged information to investors regarding signing of contracts between Petrobras and Sevan. The board said it’s “assessing further actions and implications of the findings contained in the Investigation.”
Sevan said it will continue to cooperate with relevant authorities.