SBM Offshore settles Unaoil case with $238 million resolution

SBM Offshore will pay US$238 million as part of a deferred prosecution agreement with the US Department of Justice (DoJ) relating to the company’s relationship with Unaoil.

As part of the overall resolution, SBM Offshore USA, pleaded guilty to a single count of conspiracy to commit a violation of the US Foreign Corrupt Practices Act from 1996 until 2012 in Brazil, Equatorial Guinea, Angola, Iraq and Kazakhstan.

“The company admits, accepts, and acknowledges that it is responsible under the US Foreign Corrupt Practices Act for the acts of its officers, directors, employees, and agents as set out in the filed documents,” SBM Offshore outlined in its press release.

“The company agrees to pay total monetary penalties in the amount of US$238 million, of which the company will pay on behalf of its US subsidiary, SBM Offshore USA, US$500,000 as a criminal fine and a forfeiture of US$13.2 million as part of the subsidiary’s guilty plea.”

Payment is due within 10 business days.

The DoJ recognised the company had engaged in remedial measures since 2012, including terminating employees involved in the criminal conduct and terminating numerous agency relationships with third parties. It also accounted for penalties and forfeiture of the company’s resolution with the Dutch authorities in 2014.

Under the terms of the DPA, the DoJ agrees to defer prosecution for three years). After fulfillment of the conditions, the charges against the company will be dismissed.