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Brazilian Fifth Chamber Approved Brazilian Prosecutor & SBM Agreement

Source: 12/18/2018, Location: South America

The Leniency Agreement with the Brazilian Federal Prosecutor’s Office (Ministerio Publico Federal – “MPF”) of September 1, 2018 has been approved by the Brazilian Fifth Chamber for Coordination and Review and Anti-corruption. This Leniency Agreement comprises a final settlement between the Company and the MPF with respect to alleged improper sales practices before 2012.

Following the Fifth Chamber approval, the MPF and the Company will jointly request the Federal Court to formally close the Improbity Lawsuit filed by the MPF in 2017, including the associated provisional measure to secure payment of potential damages. Upon closure of the lawsuit, the agreement will become fully effective, after which SBM Offshore will pay the earlier announced fine of BRL200 million.

The Leniency Agreement with the MPF followed the Leniency Agreement signed by the Company on July 26, 2018 with other Brazilian Authorities and Petrobras, as previously announced. Upon signing, this agreement became final and effective and has allowed the Company to effectively compete for new business opportunities in Brazil.

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