SBM Offshore agrees settlement - but not guilt

January 25, 2016

Floating production specialist SBM Offshore has accepted an out of court settlement over allegations relating to the Petrobras corruption scandal - but says this doesn't amount to an admission of guilt. 

The allegations were made in December, by the Brazilian Public Prosecutor's Office regarding SBM Offshore's CEO, Bruno Chabas, and a member of the company's supervisory board, Sietze Hepkema.

However, a judge in Brazil has referred the accusations back to the Brazilian public prosecutor to propose an out-of-court settlement, on a no admission of guilt basis, which SBM Offshore has accepted, resulting in a US$60,000 payment due from each exec, to be paid by SBM Offshore. 

"The company emphasizes that this settlement does not involve an admission of guilt and remains of the opinion that the accusations are without merit," SBM Offshore says. "However, SBM Offshore also believes that accepting the settlement offers a pragmatic opportunity to expeditiously resolve this matter that avoids long and costly legal proceedings and allows the company's management team to concentrate on the business." 

The settlement is subject to confirmation by the judge handling the case. The timing of the confirmation has yet to be established.



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