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Keppel Offshore & Marine fully pays $65m in fines to Brazilian authorities to settle corruption case

Singapore’s offshore oil rig builder Keppel Offshore & Marine said on Monday that it has made full payment of the fines and damages worth around $65m to Brazil under a leniency agreement that had been set out in December last year.

The fines are penalties for corrupt payments made by a former agent of Keppel O&M in Brazil to secure work for the yard and Technip with Brazilian state-owned operator Petrobras.

Meanwhile, the Attorney-General’s Chambers of Singapore and Singapore’s Corrupt Practices Investigation Bureau (CPIB) confirmed that Keppel O&M may seek credit of up to $52.77m in respect of the fines payable to the Brazilian authorities, the company said in a regulatory filing. CPIB earlier this month also issued stern warnings to six former senior management staff of Keppel O&M over the bribe payments.

Keppel O&M is currently progressing towards a merger with Sembcorp Marine after shareholders gave their nod for the deal last December. Sembmarine also recently received approval in principle from the Singapore Exchange and will be seeking the green light from its shareholders shortly.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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