Seatrium Resolves Legal Issues with Brazilian and Singaporean Authorities
Seatrium, the Singapore offshore and marine yard group, has recently reached settlements with Brazilian and Singaporean authorities regarding its involvement in Brazil’s high-profile “Operation Car Wash” investigation.
As part of a leniency deal with Brazilian prosecutors, Seatrium will pay approximately $130 million. In Singapore, a deferred prosecution agreement (DPA) mandates a payment of $110 million, with the Singaporean authorities agreeing to offset up to $53 million from the Brazilian payment, resulting in a net Singapore obligation of around $57 million. This brings Seatrium’s total liabilities to nearly $190 million.
Operation Car Wash, which began in Brazil in 2014, uncovered a widespread corruption scandal involving Petrobras and kickbacks to political figures in exchange for awarded contracts. Seatrium’s Brazilian unit was implicated in payments related to contracts awarded around 2012.
The deferred prosecution agreement in Singapore is awaiting High Court approval. Both Singapore’s Monetary Authority and Commercial Affairs Department have cleared Seatrium of any further action and recognized the company’s full cooperation.
Despite these settlements, Seatrium has stated that they will not significantly impact their financial outlook for 2025, as provisions for these charges had already been set aside.