SBM Offshore to Pay $238 Million to Resolve U.S. Bribe Case
- Oil service company admits to corrupt payments in Brazil, Iraq
- Settlement comes weeks after former executives pleaded guilty
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SBM Offshore NV agreed to pay $238 million and its U.S. unit pleaded guilty in Texas to resolve allegations that it bribed officials in five countries, including Brazil and Iraq, according to the Justice Department.
SBM entered into a so-called deferred prosecution agreement with the Justice Department Wednesday in federal court in Houston, as its subsidiary, SBM Offshore USA Inc., admitted that it conspired to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.