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 was led by partner John D. Buretta and included associates Megan Y. Lew, Morgan J. Cohen and Peter H. Fountain.