TechnipFMC resolves U.S. and Brazil probes, hopes to settle French case
27 Jun 2019

Oil services company TechnipFMC said it would pay $301.3 million to resolve anti-corruption probes with Brazilian and U.S. authorities, and added it was committed to resolving another probe on its affairs with French authorities.

TechnipFMC said in a statement published late on Tuesday that it had agreed to the resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities & Exchange Commission and Brazilian authorities to resolve anti-corruption investigations in Brazil and relating to the intermediary, Unaoil.

The company agreed to pay $301.3 million to those authorities to resolve investigations into conduct dating back over a decade ago.

TechnipFMC’s shares rose 1.5% in early session trading in Paris, which traders said reflected an element of relief at the fact that the company had drawn a line under those affairs.

“Today we announce the resolution of these investigations. This conduct dating back over a decade ago, taken by former employees, does not reflect the core values of our company today,” said TechnipFMC chairman and CEO Doug Pferdehirt.

TechnipFMC has also been co-operating with an investigation by the French Parquet National Financier (PNF) related to historical projects in Equatorial Guinea and Ghana.

By Sudip Kar-Gupta, Reuters, 26 June 2019

Read more at Reuters

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