- SBM Offshore (OTCPK:SBFFF +14%) shoots higher at the open after reaching a settlement in a long-running corruption investigation it faced in Brazil, agreeing to pay ~$189M to Brazilian authorities and Petrobras (PBR +2.7%) in fines and compensation for damages.
- SBM says the agreement ends all Brazil anti-corruption investigations against it and allows it to participate again in PBR tenders.
- SBM was accused of paying bribes to government officials to secure contracts with PBR, which has been at the center of Brazil’s largest-ever corruption scandal.