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SBM Offshore signs settlement agreement with Brazil's public prosecutor

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SBM Offshore signs settlement agreement with Brazil's public prosecutor

Dutch engineering firm SBM Offshore N.V. has signed a settlement agreement with Brazil's Ministério Público Federal, or MPF, which includes a 200 million Brazilian reais fine to be paid to state-owned oil giant Petróleo Brasileiro S.A. - Petrobras, according to a Sept. 1 release.

The agreement, which follows earlier ones signed on July 26, states that the MPF will not start any new legal actions against SBM related to the company's legacy issues in Brazil. In addition, SBM and the MPF will ask a Brazilian court to close MPF's improbity lawsuit, which was filed in 2017 and includes measures to secure payment of potential damages.

Of the 200 million reais to be paid to Petrobras, 60 million reais will be given upfront while 20 million reais will be paid in seven installments.

The agreement is subject to approval by the MPF's fifth chamber.

As of Aug. 31, US$1 was equivalent to 4.13 Brazilian reais.