Singapore-listed offshore and marine group Seatrium has avoided criminal prosecution in Singapore after the High Court approved a deferred prosecution agreement linked to Brazil’s Operation Car Wash investigation.
The agreement was signed with Singapore’s Public Prosecutor in July 2025 and was approved this month without changes. Under the settlement, Seatrium will pay S$140.3 million, or about $110 million.
Payments already made to Brazilian authorities, capped at $53 million, will be offset against the total amount. This leaves about $57 million to be paid in Singapore.
Seatrium said the settlement has already been provided for in its 2025 accounts. The company therefore does not expect a material impact on its 2026 earnings or balance sheet.
The DPA suspends prosecution as long as the company meets agreed conditions, including payment of the penalty and compliance improvements. If the terms are breached, prosecutors may revive criminal proceedings.
The case arose from Brazil’s Operation Car Wash probe, which exposed bribery linked to contracts with state oil company Petrobras. Seatrium, formerly Sembcorp Marine, became involved over allegations of improper payments connected to Brazilian project awards.
The matter was investigated in both Singapore and Brazil. Seatrium had earlier reached a leniency agreement with Brazilian prosecutors as part of the broader resolution.
Singapore’s Corrupt Practices Investigation Bureau also reviewed the case. A separate investigation by the Monetary Authority of Singapore and the Commercial Affairs Department into possible securities law breaches ended with no action against the company or its officers.
In March 2024, two former executives linked to the business were charged in Singapore over alleged bribery payments tied to Brazilian contracts.
The court approval brings the company closer to resolving a legal issue that had remained open for several years.
