© Reuters. SBM Offshore slammed by corruption cases
- SBM Offshore (OTCPK:SBFFF, OTCPK:SBFFY) -12.6% in Europe after saying that a Brazilian probe into its role in corruption cases has not been resolved and that the company set aside an additional $238M provision to cover costs from an unexpected U.S. inquiry into its dealings with Monaco-based Unaoil.
- The Dutch offshore energy services provider also says a preliminary settlement with Brazilian authorities has fallen through, forcing it to suspend its involvement in tenders with major customer Petrobras (NYSE:PBR).
- SBM paid $240M to Dutch authorities in 2014 to settle the Latin American bribery case and had set aside another $280M last year to settle related issues in Brazil.
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