SBM will pay Petrobras R$549 million (US$148 million). The company, headquartered in the Netherlands, returns to work for the state-owned company.

SBM will pay Petrobras the amount of approximately US$148 million (with fines already included) and will thus return to providing services to the state-owned company. The company signed last Thursday (26/Jul/2018) a so-called “leniency agreement” with the federal government. This agreement makes it possible for SMB to sign 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 it happen? In order to participate in the preparation of proposals for the bids, the company would need definitive authorization from the Brazilian authorities. Returning to growth in Brazil brought satisfaction to SBM in order to be relevant in the oil industry in the country, according to the statement by Eduardo Chamusca (CEO of SBM in Brazil).

Payment of US$ 148 million

Payments of R$ 264 million (US$ 71 million for civil fine) and R$ 285 million (R$ 77 million – damages to the state-owned company), totaling R$ 549 million (US$ 148 million) were agreed by SMB. This agreement reflects the result of the company's strategic plan for the country.

Leniency Agreement

The softening of the sentence, or leniency agreement, was attempted by SMB with the government of Brazil since 2015. Several obstacles were encountered along the way and SBM. As a result, the company was unable to participate in many tenders opened by Petrobras. A leniency agreement was attempted two years ago with Petrobras and the federal government. However, despite SMB having reached an agreement to return US$ 341 million to the public coffers, it was stopped by the 5th Chamber for Combating Corruption of the Federal Public Ministry.

astral hell

2012 was not a very lucky year for SBM, which they could call a true astral hell. At that time, information became public about corruption by some agents who provided services to the company so that it could obtain FPSO contracts. This fact occurred in Brazil and also in several other countries. Information on the payment of bribes, to obtain facilities in FPSO bids, reached Petrobras' 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 bis.

Related links:

• Petrobras receives proposal from Ouro Preto on the Campos Basin – July 26, 2018
• Helix Energy returns to profit in the middle of the year – July 25, 2018