SBM Offshore N.V. has reached a $340M settlement with both criminal and administrative prosecutors in Brazil to resolve allegations of bribery relating to the Petrobras scandal, the first deal of its kind in Brazil and a notable development within the rapidly evolving compliance regime of South America’s largest economy.

On Friday 15 July 2016, SBM Offshore N.V. (SBM) signed a leniency agreement with Petróleo Brasileiro S.A. (Petrobras) and a number of Brazilian government agencies, agreeing to pay $340M to resolve allegations that SBM won contracts from Petrobras, the Brazilian state-owned oil company, as a result of bribery. The leniency agreement is the first such agreement in Brazil resolving both criminal and administrative charges and, as a result, marks a significant step forward in resolving allegations made against companies implicated in Brazil’s Petrobras scandal.