Seatrium, Singapore-based offshore engineering firm, refers to its previous announcements on the Deferred Prosecution Agreement (“DPA”) with the authorities in Singapore in connection with Operation Car Wash.
The DPA was signed on 30 July 2025 and is subject to the approval of the General Division of the High Court in Singapore.
It is worth noting that this marks the first time a Singapore court has approved a corporate entity signing and implementing such a settlement agreement. The terms of the agreement remain unchanged from those previously agreed upon and signed with the Singaporean authorities.
The Company wishes to update that the General Division of the High Court in Singapore has approved the DPA. There is no change to the terms of the DPA as signed and agreed with the Public Prosecutor.
Under the terms of the signed DPA, the Company is required to pay a financial penalty of US$110.0 million and up to a maximum of US$53.0 million of the payments made by the Company to the Brazilian authorities in connection with Operation Car Wash can be credited against the financial penalty. Accordingly, the amount payable by the Company to the Singapore authorities under the DPA is US$57.0 million (equivalent to approximately S$73.3 million1).
The Company has made the necessary provisions for the above payment in its FY2025 financial statements. There is therefore no material impact on the net earnings and net tangible asset per share of the Group for the financial year ending 31 December 2026.
It is understood that “Operation Car Wash” is a comprehensive anti-corruption investigation launched by Brazil in 2014. In February 2025, Seatrium reached a preliminary settlement with Brazilian authorities regarding “Operation Car Wash.” The case relates to a contract won more than a decade ago by Seatrium’s predecessor, Sembcorp Marine, from the Brazilian offshore energy company Sete Brasil. Sembcorp Marine was accused of using bribery to secure a major order from Sete Brasil for seven drilling rigs worth $5.6 billion.
During the contract bidding period (2009–2014), individuals associated with the former Sembcorp Marine bribed multiple government officials, Sete Brasil, and Petrobras (Petroleo Brasileiro) to secure offshore engineering contracts, including $2 million in 2009, $1.9 million from 2010 to 2012, $1.2 million in 2010, and $300,000 in 2010, and agreed to pay Sete Brasil 2.5% of the value of its drilling rig orders, with the total amount of bribes exceeding $26 million.
Keppel Offshore & Marine, which was competing with Sembcorp Marine for offshore equipment contracts at the time, was also implicated in “Operation Car Wash,” an investigation described as one of Brazil’s biggest corruption scandals, involving numerous politicians and companies.