SBM Offshore to Pay Additional Fines to Petrobras

SBM Offshore has reached a settlement to pay additional leniency fines of 200 million reais ($48.27 million) to Brazil's state oil company Petroleo Brasileiro SA, Brazilian prosecutors said on Wednesday.

As a result of a long-running corruption investigation, the Dutch marine engineering group SBM has agreed to pay a total of 1.4 billion reais in fines and compensations for its role in the scandal. The company was accused of paying bribes to secure contracts with Petrobras, as the state-controlled oil company is known.

Federal prosecutor Rodrigo da Costa Lines told Reuters on Wednesday that this settlement allows SBM to sign new contracts with secure new contracts with Petrobras.

($1 = 4.1435 reais)

(Reporting Rodrigo Viga Gaier; Writing by Carolina Mandl; Editing by Sandra Maler)