SBM Offshore Reaches FCPA Settlement with U.S. Authorities in Connection with Petrobras and Other Legacy Bribery Issues

On November 29, 2017, Cravath client SBM Offshore N.V. (“SBM”), a Netherlands-based provider of floating production solutions to the offshore energy industry, reached a settlement with the U.S. Department of Justice relating to legacy bribery issues in Brazil, Equatorial Guinea, Angola and elsewhere. The settlement includes a deferred prosecution agreement for the parent company, no monitorship, a guilty plea by SBM’s U.S. subsidiary and a financial sanction of $238 million. SBM received a substantial reduction in penalty based on its cooperation and remediation.

The Cravath team included associates Megan Y. Lew, Morgan J. Cohen and Peter H. Fountain.