There is no $1.7bn Brazil settlement, says SBM Offshore

"Discussions with Brazilian authorities are at an early stage and no numbers have been agreed upon," the company stated in a press release.

In November 2014 the company settled out of court with the Dutch public prosecutor's office for $240m in an inquiry over alleged "improper payments" in Equatorial Guinea, Angola and Brazil between 2007 through 2011. The Brazilian investigation relates to those same payments.

Three weeks ago SBM Offshore stated that it had signed an MoU with the Brazilian Comptroller General’s Office and Attorney General’s Office which sets a framework for discussions leading to a potential settlement and the release of information by SBM to help the authorities' investigations.

In December last year, the company announced it was cutting 1,200 jobs and moving its headquarters to Amsterdam from Monaco.