Norwegian authorities performed a search and seizure of Sevan Drilling’s offices last week, after corrupt activities between Sevan Drilling and Brazil’s Petróleo Brasileiro (Petrobras) were exposed in an independent external review conducted by Sevan Marine, linking the company to the Lava Jato scandal.
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The Sevan Brasil. Image from Sevan Drilling. |
According to Sevan Marine, the review focused on how the contracts with Petrobras were awarded between 2005-2008 to Sevan Drilling for the Sevan Piranema FPSO, Sevan Driller cylindrical drilling rigand Sevan Brazil MODU.
“There are indications that it is made actions and transactions that both represents a neglect of and/or is in violation of the company's interests. The actions can be considered to be economic crime,” Sevan Marine said.
Sevan Drilling is handing over their findings to the Norwegian authority for investigation and prosecution of economic and environmental crime (ØKOKRIM).
Sevan Drilling, established in 2006, was created by Sevan Marine. In 2006/2007, the drilling contractor landed a six-year drilling contract with Petrobras. In 2008, the company secured a second six-year drilling contract with Petrobras.
“The company reports that Sevan Drilling has been accused of breaches of Sections 276 a and 276 b of the Norwegian Criminal Code in respect of payments made in connection with the performance during 2012 to 2015 of drilling contracts originally awarded by Petrobras to Sevan Marine in the period between 2005-2008. In connection with the accusation, ØKOKRIM has performed a search and seizure in the company's offices. The company is cooperating with the authorities in identifying and making available all documents, which the authorities consider relevant,” Sevan Drilling said in a statement.
In Seadrill’s statement, the company tried to set distance between itself and Sevan Driling and Sevan Marine, however Seadrill is willing to cooperate with any and all authorities in relation to the ongoing investigation.
“The charges made against Sevan Drilling relate to contracts awarded during the 2005-2008 time period, prior to both Seadrill's initial acquisition of a minority stake in Sevan Drilling and acquiring control. At the time the Petrobras contracts were awarded, Sevan Drilling was a wholly-owned division of Sevan Marine. In May 2011, Sevan Drilling was separated out from the 100% ownership of Sevan Marine and listed separately on the Oslo stock exchange. In December 2011 Seadrill acquired a 28.5% stake in Sevan drilling and ultimately increased its stake to 50.11% in July 2013,” Seadrill said.
Lava Jato
Several big-name, international companies have been tied to Petrobras’ Lava Jato corruption scandal including: Transocean, Saipem, Odebrecht, Vantage Drilling, Keppel FELS, Jurong Shipyard; the list goes on and on.
First revealed in 2009, the scandal was seeping of large scale bribery of government officials, and money laundering conducted by illegal money brokers using gas stations, hence the name “Car Wash,” or Lava Jato in Portuguese.
Since then, Lava Jato has spread throughout the oil and gas industry, leaving Petrobras’ audited financial reports reflecting a US$2.1 billion write down for corruption, and a $14.8 billion impairment.
The only good coming from the corruption, is it is creating several business opportunities for small and international businesses by opening up Brazil’s doors and leaving the playing field wide open.
Read more:
Transocean denies link to Petrobras scandal
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