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SBM Offshore to pay $240m in out-of-court settlement over bribery case

SBM Offshore to pay $240m in out-of-court settlement over bribery case
SBM Offshore is to pay $240m to the Dutch Public Prosecutors Office (Openbaar Ministerie) in an out-of-court settlement over the alleged payment of bribes in Equatorial Guinea, Angola and Brazil.

The US Department of Justice has also said it would not be prosecuting SBM Offshore and is closing the case.

The settlement relates to corrupt payments to sales agents Equatorial Guinea, Angola and Brazil in the period from 2007 through 2011. An internal investigation by SBM Offshore had previously found “some evidence” that payments may have been made to government officials in Angola and Equatorial Guinea.

Between 2007 and 2011 SBM Offshore paid $200m in commission to agents, the majority of which comprised $18.8m in Equatorial Guinea, $22.7m in Angola, and $139.1m in Brazil.

Commenting on Brazil the company said, “While it is not yet certain how the various investigations in Brazil will affect SBM Offshore, the company will soon reinstate its dialogue with Petrobras about the future of their relationship.”

The payment to the Openbaar Ministerie is be made in three installments comprising $100m, that has already been paid, and two further payments of $70m each to be paid on 1 December 2015 and 1 December 2016.

"SBM welcomes the conclusion of all discussions with the Dutch and U.S. authorities.  We have been open, transparent and accountable throughout this difficult process which has addressed issues from a past era,” said Bruno Chabas, ceo of SBM Offshore. “We can now focus on the future, secure in the knowledge that we have put in place an enhanced compliance culture which embeds our core values."

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