Singapore-based Seatrium has finalized agreements related to a 2015 corruption case involving its predecessor companies, Sembcorp Marine and Keppel Offshore & Marine. With settlements reached in both Brazil and Singapore, the company aims to move forward without further complications from the case. The Monetary Authority of Singapore and the Commercial Affairs Department confirmed the conclusion of their investigations into potential offenses, stating that no action would be taken against Seatrium or its officers.
The case originated from the predecessors’ operations linked to Brazil’s “Operação Lava Jato” (Operation Car Wash), one of the country’s largest corruption scandals. A business consultant and the former president of Sembcorp Marine’s Brazilian subsidiary were indicted in 2020 on money laundering and corruption charges. After extensive investigations, Seatrium announced an agreement in-principle in Brazil in February 2024, followed by a leniency agreement signed on July 30, 2025, involving a $130.7 million settlement.
In Singapore, Seatrium agreed to a financial penalty of $110 million, which will be offset by the $53 million already paid in Brazil, resulting in a final payment of $57 million. The company expressed optimism about moving forward in the energy market and stated that these settlements would not materially impact its financial statements for the year ending December 31, 2025.
