September 3, 2018 / 6:03 AM / a month ago

BRIEF-SMB Offshore Reaches Final Settlement With MPF Over Alleged Improper Sales Practices Before 2012

Sept 3 (Reuters) - SBM OFFSHORE NV

* ANNOUNCED ON SATURDAY SIGNATURE OF AGREEMENT WITH BRAZILIAN PUBLIC PROSECUTOR(MPF)

* AGREEMENT MEANS THAT CO REACHED FINAL SETTLEMENT WITH MPF OVER ALLEGED IMPROPER SALES PRACTICES BEFORE 2012

* MPF COMMITS TO REFRAIN FROM INITIATING NEW LEGAL PROCEEDINGS AGAINST CO UNDER IMPROBITY LAW, ANTI-CORRUPTION LAW AND PUBLIC-PROCUREMENT LAW IN RELATION TO LEGACY ISSUES IN BRAZIL

* MPF AND CO WILL REQUEST COURT TO FORMALLY CLOSE IMPROBITY LAWSUIT FILED BY MPF IN 2017, INCLUDING ASSOCIATED PROVISIONAL MEASURE TO SECURE PAYMENT OF POTENTIAL DAMAGES

* AGREEMENT PROVIDES FOR PAYMENT OF ADDITIONAL FINE BY SBM OFFSHORE OF BRL 200 MLN (BRAZILIAN REAIS) (ABOUT $48 MLN)

* ADDITIONAL FINE TO BE PAID TO PETROBRAS IN INSTALMENTS: UPFRONT PAYMENT OF BRL 60 MLN, WITH SEVEN BRL 20 MLN INSTALLMENTS THEREAFTER

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Further company coverage: (Gdynia Newsroom)

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