SBM: $240m provision


Issue 284 - 12 Sep 2014 | 1 minute read
Netherlands-based oil services company SBM Offshore in August included a $240m provision in its H1 14 financial statement, in anticipation of a potential settlement for improper sales practices. In April, the company released the findings of an internal investigation into its use of agents which found that SBM paid some $200m in commission to agents during the 2007-11 period, including $18.8m to Equatorial Guinea and $22.7m to Angola. SBM disclosed its findings with the Dutch Public Prosecution Service and the US Department of Justice and is discussing potential settlement options.

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