Case studies

Seatrium

FRA supports oil and gas rig builder Seatrium with gain analysis in its settlement of corruption allegations with Singapore, Brazil authorities.

In a first-of-its-kind coordinated settlement between Brazilian and Singaporean authorities, oil and gas rig builder Seatrium will pay ~$190 million to resolve allegations of corruption stemming from Operation Car Wash investigations. The Singaporean DPA – pending the High Court’s approval – marks the country’s first use of the settlement mechanism since the tool’s introduction in 2018.

Engaged by external counsel to work on the gain analysis, FRA performed document review and financial analyses and conducted interviews with company personnel related to the contracts subject to the allegations. The contracts dated back 15 years, creating challenges with data and document collection, as well as identifying company personnel with relevant information. Additionally, the contracts under review involved multiple company subsidiaries and several of the contracts never reached completion. Accordingly, we needed to establish a robust, reliable, and reasonable approach to calculating the financial results of these contracts, including considerations for intercompany activity, multiple foreign currencies, and inflation. FRA provided profit analyses to the Brazilian authorities (CGU and MPF) and supported US and Brazilian Counsel throughout the negotiations stage by attending numerous meetings with the regulators to present our calculations and underlying methodology. We further supported Singapore Counsel by providing our analysis and addressing follow-up questions from the Singaporean authorities.

Read more from Global Investigations Review here.

Contact the FRA experts involved to learn more:

FRA Co-founding Partner Toby Duthie

tduthie@forensicrisk.com

FRA Director Carolyn McDonnell

cmcdonnell@forensicrisk.com

FRA Manager Guilherme Montassier

gmontassier@forensicrisk.com

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