SembCorp Marine Updates on Brazil's Probe into Bribes for Rig Contracts

Sembcorp Marine Ltd. referred Monday to its announcements of Feb. 6, 2012; Aug. 8, 2012; and Nov. 29, 2012 in which the Company announced that the its subsidiaries had secured a number of drill rig construction contracts (the Contracts) with subsidiaries of Sete Brazil, a company in which Petrobras has an interest.

By the Company’s announcement of Feb. 8, the Company, among other things, referred to various media reports which reported statements made by Petrobras’ former engineering manager Pedro Jose Barusco. Those reports reported, among other things, that Barusco had made statements to the effect that illegal payments had been made in connection with contracts entered into by Petrobras and/or Sete Brasil.

The Company had earlier initiated an internal investigation and engaged lawyers for the purposes of obtaining legal advice.

The Company has received a copy of what is said to be a plea bargain between the Brazilian authorities and Barusco in which Barusco makes allegations against one Guilherme Esteves de Jesus (GDJ) in connection with the Contracts. GDJ is connected to companies which were engaged by these subsidiaries as consultants in connection with the Contracts.

The Company learnt on March 28 that arising from allegations made by Barusco, GDJ was arrested by the Brazilian authorities on March 27.

The Company is unable to comment on the truth or otherwise of these allegations and its internal (legally privileged) investigations are continuing.

The Company and the Group have a strict anti-bribery policy and do not condone any action that will result in the violation of any country’s anti-corruption laws. The Company and the Group also do not and will not tolerate any improper business conduct.


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