Awarding of new contracts by Petrobras to SBM Offshore remains conditional upon the conclusion of a settlement agreement between SBM Offshore and the Brazilian authorities in the compliance investigation.
After Petrobras officials were accused by the government of accepting bribes from SBM Offshore representatives, SBM conducted its own internal investigation into alleged improper payments to government officials. The findings of the investigation were released in April 2014, when SBM said it had found that about $200 million had been paid in commissions to agents during that period of which the majority relate to three countries: $18.8 million to Equatorial Guinea, $22.7 million to Angola, and $139.1 million to Brazil.
On Sept. 28, SBM Offshore announced that its main Brazilian subsidiary had received written notification from Petrobras of its ability to participate in the recently issued Libra and Sépia FPSO tenders in Brazil.
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