Offshore drilling rig at sea — Illustrative image. Photo: Erik Christensen, Wikimedia Commons, CC BY-SA 3.0

Bulk Lot: 13 Offshore Projects, Brazilian Oil Giant, Lightly Used Consultants

Priced at approximately $55 million. Shipping via shell companies. A DPA, not a conviction, closed the sale.

Sold2001–2014International

about $55M≈ €49.2MAs stated in the source: approximately $55 million

Already sold, to Keppel Offshore & Marine Ltd., in 2001–2014. Nothing on Lobay is for sale.

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Seller

Role: Petrobras executives and employees responsible for bidding on large projects; Brazilian politicians and political parties, including the Workers' Party
Institution: Petrobras; Sete Brasil
Country: Brazil

Item specifics

Condition	Deferred prosecution agreement (not a conviction), U.S. DOJ and E.D.N.Y. court, 2017-12-22
Location	Brazil
Seller	Petrobras executives and employees, plus politicians and parties incl. the Workers' Party (names withheld)
Winning bidder	Keppel Offshore & Marine Ltd. (Singapore)
Category	Oil & gas
Sold	2001–2014
Payment method	Consulting agreements, shell-company accounts, onward transfers
Returns	No returns. Total monetary penalty: $422,216,980 (2017)

Description

What the bribe bought

According to the U.S. Department of Justice, the business obtained through the scheme earned Keppel Offshore & Marine and related entities approximately $351.8 million in profits.

Return on bribe: Every $1 of bribes earned about $6.4.Computed from the stated figures, both given as “approximately”.

What happened

Keppel Offshore & Marine Ltd. paid approximately $55 million in bribes between 2001 and 2014 to win contracts for thirteen projects in Brazil tendered by Petrobras and Sete Brasil. The money went through consulting agreements with an intermediary's companies and shell-company accounts, then on to accounts controlled by or for Brazilian officials and the Workers' Party. On 2017-12-22 the company entered a deferred prosecution agreement with the U.S. Department of Justice, with a total monetary penalty of $422,216,980.

Read the article

Keppel to Pay $422 Million to Settle Foreign Bribery Case in U.S., Brazil and Singapore · gCaptain (Reuters wire)

Official record

Information, United States v. Keppel Offshore & Marine Ltd., Cr. No. 17-697 (KAM) · U.S. Department of Justice (E.D.N.Y.)

Shipping & returns

Authority	Kind	Amount	Year
U.S. Department of Justice (E.D.N.Y.), shared with Brazil and Singapore	total monetary penalty under the DPA	$422,216,980≈ €377MAs stated in the source: a total monetary penalty of $422,216,980	2017