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SBM Will Pay Petrobras R$ 549 Million (US$ 148 Million). The Company, Based in the Netherlands, Will Resume Working for the State-Owned Company.
SBM will pay Petrobras the amount of about 148 million dollars (including fines) and thus will resume providing services to the state-owned company. The company signed on Thursday (July 26, 2018) a so-called “leniency agreement” with the federal government. This agreement allows SBM to start signing contracts with the oil company again.
Nothing Guaranteed for Now
Even with SBM’s release to participate in the state-owned company’s bids, however, nothing is guaranteed. Why does this happen? To participate in the preparation of proposals for the bids, the company would need a definitive release from the Brazilian authorities. Returning to grow in Brazil has brought satisfaction to SBM with the intention of being relevant in the oil industry in the country, according to Eduardo Chamusca’s statement (CEO of SBM in Brazil).
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Payment of US$ 148 Million
Payments of R$ 264 million (US$ 71 million for civil fines) and R$ 285 million (R$ 77 million – damages to the state-owned company), totaling R$ 549 million (US$ 148 million), were agreed upon by SBM. This agreement reflects the result of the company’s strategic plan for the country.
Leniency Agreement
The mitigation of the penalty, or leniency agreement, has been SBM’s attempt with the Brazilian government since 2015. Several obstacles have been encountered along the way, and SBM was unable to participate in many bids opened by Petrobras. A leniency agreement was attempted two years ago with Petrobras and the federal government. However, despite SBM agreeing to return US$ 341 million to the public coffers, it was halted by the 5th Chamber for Combating Corruption of the Federal Public Ministry.
Astral Hell
2012 was not a lucky year for SBM, which they could call a true astral hell. At that time, information about corruption by some agents who provided services to the company to obtain FPSO contracts became public. This fact occurred in Brazil as well as in several other countries. Information about bribery payments to obtain favors in FPSO bids reached Petrobras’s ears. In May 2014, the state-owned company opened an investigation into the case, and in November of the same year, SBM was suspended from the bids.
Related Links:
- Petrobras Receives Proposal from Ouro Preto Regarding the Campos Basin – July 26, 2018
- Helix Energy Returns to Profit in the Middle of the Year – July 25, 2018
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