June 26, 2019 / 6:40 AM / 2 months ago

TechnipFMC resolves U.S. and Brazil probes, hopes to settle French case

PARIS (Reuters) - Oil services company TechnipFMC said it would pay $301.3 million to resolve anti-corruption probes with Brazilian and U.S. authorities, and added it was committed to resolving another probe on its affairs with French authorities.

TechnipFMC said in a statement published late on Tuesday that it had agreed to the resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities & Exchange Commission and Brazilian authorities to resolve anti-corruption investigations in Brazil and relating to the intermediary, Unaoil.

The company agreed to pay $301.3 million to those authorities to resolve investigations into conduct dating back over a decade ago.

TechnipFMC’s shares rose 1.5% in early session trading in Paris, which traders said reflected an element of relief at the fact that the company had drawn a line under those affairs.

“Today we announce the resolution of these investigations. This conduct dating back over a decade ago, taken by former employees, does not reflect the core values of our company today,” said TechnipFMC chairman and CEO Doug Pferdehirt.

TechnipFMC has also been co-operating with an investigation by the French Parquet National Financier (PNF) related to historical projects in Equatorial Guinea and Ghana.

“To date, this investigation has not reached resolution. TechnipFMC remains committed to finding a resolution with the PNF and will maintain a $70 million provision related to this investigation,” TechnipFMC added in a statement.

TechnipFMC was created by a large-scale merger in 2016 between French company Technip and U.S. peer FMC Technologies.

Reporting by Sudip Kar-Gupta, Editing by Dominique Vidalon

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