SBM Denies $1.7B Settlement with Brazil over Bribery Scandal

Dutch floating production vessel provider SBM Offshore refuted Wednesday an article in a Brazilian daily newspaper that it has agreed a $1.7-billion settlement with Brazilian authorities in connection to a bribery scandal in the country. SBM said that discussions with the Brazilian authorities remain at an early stage and no numbers have been agreed upon.

Last month, SBM and Brazil's comptroller general said they had agreed on a framework for a mutually-acceptable settlement over the scandal, which is also linked to Brazil's state-run oil firm Petrobras.

In November, SBM agreed to pay $240 million to settle the case with Dutch authorities. The firm also stated that the US Department of Justice had informed SBM that it had closed its inquiry into the matter. But individuals involved in the case could still face criminal charges in other countries.



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