SBM Agrees Settlement over Brazilian Bribery Allegations

SBM Offshore, the Dutch floating production systems specialist, announced Monday that it has decided to agree to an out-of-court settlement with the Brazilian Public Prosecutor.

In December SBM CEO Bruno Chabas and a member of the company's supervisory board, Sietze Hepkema, were named on a list of Petrobras executives, former sales agents and former SBM executives who could be prosecuted in connection to a corruption case.

However, on January 15 a Brazilian judge referred the accusations with regard to Chabas and Hepkema back to the Public Prosecutor to propose an out-of-court settlement on a no admission of guilt basis. SBM said that Chabas, Hepkema and the management and supervisory board of the firm have considered the proposal and decided to accept it, which means that they will have to make a payment of approximately $60,000 each.

In a company statement Monday, SBM reiterated that the settlement does not involve an admission of guilt and that it remains of the opinion that the accusations are without merit.



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