News » Oil Services Company Settles FCPA Litigation

Oil Services Company Settles FCPA Litigation

Handcuffs lying on american dollars, financial crime concept.

December 6, 2017

SBM Offshore, a Dutch company, and its U.S. subsidiary, SBM Offshore USA Inc., have entered into a three year deferred prosecution agreement and paid $238 million to settle FCPA violations. A criminal information has been filed in a federal court in Texas charging conspiracy to violate the anti-bribery provisions of the FCPA. According to the filing, the investigation involved Monaco-based Unaoil, and some “legacy issues.” The offenses cited in the agreement occurred in Brazil, Angola, Equatorial Guinea, Kazakhstan, and Iraq. Earlier, two former SBM executives pleaded guilty to bribing officials in Brazil and Africa. Sentences are pending. The face up to five years in prison. From 1996 until 2012, SBM paid more than $180 million in commissions to intermediaries, money used to bribe officials, according to admissions made in conjunction with the agreement. The bribes helped win projects worth at least $2.8 billion. Last year, SBM signed a settlement agreement in Brazil to resolve graft allegations. Under the agreement, SBM agreed to pay Brazil’s Petrobras $342 million by a cash penalty and discounts on future work.

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