The Dutch oil platform provider SBM Offshore, the largest company in the sector worldwide and one of those sprinkled in the great corruption case around the Brazilian oil company Petrobras, reached a leniency agreement with the Brazilian authorities and the state company in the that it is committed to paying more than 1,000 million reais (US $ 265 million), including a reduction of values in future payments, Petrobras reported.
In a press release, Petrobras said the agreement contemplates the payment of 549 million reais (US $ 146.5 million) in up to 90 days, in addition to lowering the nominal value of US $ 179 million in future payments, due by Petrobras to SBM, with basis to current contracts.
SBM was accused in Brazil of executing irregularities in contracts with Petrobras. The value to be received by Petrobras is added to the amount of 1,475 million reais (US $ 395 million), already received by the state oil company so far, for the compensation of damages, through award-winning collaboration agreements signed by SBM with the Brazilian authorities.
The agreement was also signed by the Ministry of Transparency, the General Controller of the Union and the General Law of the Union and establishes that SBM will be able to participate again in future bids and contracts in Brazil.
According to Petrobras, SBM must go through all the control and compliance filters to which all the oil company’s suppliers are submitted.
The negotiation process between Petrorbas and SBM began in March 2015 and in July 2016 where a leniency agreement was signed.
SBM admitted to paying bribes to Petrobras employees in exchange for obtaining millionaire contracts with the oil company.