Brazil Reaches Leniency Deal With SBM Offshore
July 18 2016 - 8:24AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Brazil's authorities said they have reached a
leniency agreement with Dutch oil-services provider SBM Offshore NV
following a corruption investigation.
The company, which was accused by Brazilian prosecutors of
allegedly paying bribes to executives of state-run oil company
Petroleo Brasileiro SA from 1996 to 2012, will be immune to new
lawsuits linked with the case, authorities said over the
weekend.
Under the deal, SBM Offshore agreed to pay $341.8 million in
fines. Of that total, $328.2 million will be paid to Petrobras and
$13.6 million to the Brazilian government.
The agreement is the outcome of negotiations for a leniency
agreement with Brazil's authorities that began in March 2015,
Petrobras said in a statement.
"The Settlement Agreement provides for Petrobras and SBM
Offshore to resume normal business relationships," SBM said in a
statement.
Representatives for SBM Offshore weren't immediately available
for further comment.
SBM had already reached an out-of-court settlement with Dutch
authorities stemming from its dealings with Petrobras, agreeing in
2014 to pay $240 million to settle allegations that it bribed sales
agents in Brazil and other countries to obtain contracts.
The latest agreement would enable SBM to do business again with
Petrobras, allowing it to bid for future contracts and procurement
processes, Petrobras said. "The company will have to pass through
all the compliance filters and controls to which Petrobras
suppliers are subject," it said.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
July 18, 2016 08:09 ET (12:09 GMT)
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