SBM Offshore accepts big fine to resume work in Brazil

SBM Offshore accepts big fine to resume work in Brazil

SBM Offshore has reached a settlement with Brazilian authorities over a corruption investigation and can now resume business in South America’s largest country.

SBM will pay approximately $189m to the Brazilian authorities and state oil company Petrobras in fines and compensation for damages.

The company will not receive earlier agreed performance bonuses worth about $180m through to 2030.

SBM was accused of paying bribes to government officials to secure contracts with Petrobras. Two former SBM executives pleaded guilty in November to US charges that they participated in a scheme to bribe officials at three foreign state-run oil companies, including Petrobras.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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