Seatrium has finalised settlements with Brazilian and Singaporean authorities over its role tied to Brazil’s high-profile “Operation Car Wash investigation.
The Singapore offshore and marine yard group, formerly known as Sembcorp Marine, will, under a leniency deal with Brazilian prosecutors, pay about $130m. In Singapore, a deferred prosecution agreement (DPA) requires payment of $110m, although the Singapore authorities have agreed to offset up to $53m from the Brazilian payment—bringing the net Singapore obligation to around $57m.
Overall, Seatrium’s liabilities total nearly $190m.
Operation Car Wash began in Brazil in 2014, exposing a broad corruption scandal around Petrobras and contracts awarded in return for kickbacks channelled to political figures. Seatrium’s Brazilian unit was implicated in payments linked to contracts awarded around 2012.
The deferred prosecution agreement in Singapore is subject to High Court approval. Singapore’s Monetary Authority and Commercial Affairs Department have cleared the company of further action and acknowledged Seatrium’s full cooperation.
Seatrium said the settlements will not materially affect its 2025 financial outlook, as the company had previously set aside provisions for these charges.
