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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Technip's Activities in Brazil and Africa from 2003 to 2007 · Technip S.A.

Information & Summary

Investigation into Technip's Activities in Brazil and Africa from 2003 to 2007

Related FCPA Matter:   Keppel Offshore and TechnipFMC's Involvement in Brazil between 2001 and 2014 Information

Information & Summary

Investigation Name:    Investigation into Technip's Activities in Brazil and Africa from 2003 to 2007

Trend:    None

Type of investigation:    DOJ

Other Agencies Investigating/Assisting with DOJ Investigation:   

  • Brazilian Law Enforcement Agency

Whistleblower:    Unknown

Summary

TechnipFMC plc ("TechnipFMC") was a global provider of oil and gas technology and services. TechnipFMC was the product of a 2017 merger between Technip S.A. ("Technip") and FMC Technologies, Inc. ("FMC Technologies").

Prior to the merger, Technip was a global oil and gas technology and services company that was headquartered in France. Technip operated through a variety of foreign subsidiaries, including its wholly-owned American subsidiary Technip USA Inc. ("Technip USA). Between at least August 2001 and November 2007, Technip's shares were registered with the SEC and traded on the New York Stock Exchange. FMC Technologies was an oil field services and equipment company based in Texas. FMC Technologies' stock was registered with the SEC and traded on the New York Stock Exchange.

In its 8-K filed on November 29, 2016, FMC Technologies (which would later merge with Technip) reported that Technip had been contacted by the DOJ regarding possible improper payments in connection with offshore platform projects awarded between 2003 and 2007 in Brazil. Technip confirmed its intention to cooperate with the DOJ.

In an 8-K filed on February 20, 2019, TechnipFMC disclosed that it had accrued $280 million in anticipation of a global resolution of the investigations into the company's historical projects in Brazil, Equatorial Guinea, Ghana, and those associated with Unaoil.

In an 8-K filed on June 25, 2019, TechnipFMC announced that it had reached a settlement with the DOJ and Brazilian authorities to resolve the corruption investigations begun at pre-merger FMC and Technip. According to the filing, the company agreed to pay $301.3 million to the various authorities as part of the settlement.

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