TechnipFMC and Technip Energies announced in press releases on Tuesday that they agreed to pay 209 million euros to French courts to avoid prosecution in a foreign corruption case related to their offshore oil activities. The agreement, in the form of a Public Interest Judicial Convention (Cjip), still must be approved during a hearing on Wednesday morning in the Paris court.
In detail, Technip UK, a subsidiary of TechnipFMC, announced that it had agreed to pay a public interest penalty of €154.7 million to resolve this dispute. In another press release, Technip Energies France, a subsidiary of Technip Energies, announced its agreement for the amount of 54.1 million euros, also to put an end to these lawsuits that have as their object “old facts related to the submarine activities of the former group Technip SA between 2008 and 2012”.
Corruption of foreign public money between 2008 and 2012
This group specified that a part of this sum, 24.7 million euros, would be “compensated by TechnipFMC in accordance with the Separation and Distribution Agreement signed between TechnipFMC and Technip Energies on January 7, 2021”. TechnipFMC confirmed in its press release that it must settle a total of 179.45 million euros by July 2024.
The National Financial Prosecutor’s Office (PNF) confirmed these amounts, and that the facts referred to are related to the corruption of foreign public officials between 2008 and 2012, mainly in Africa, for the submarine oil activities of the former parent company, Technip SA. A Cjip is not a conviction.
TechnipFMC was split in early 2021 into two separate engineering companies, TechnipFMC and Technip Energies. TechnipFMC, more focused on the oil sector, is headquartered in Houston (Texas). It claims to employ 20,000 people worldwide. Nanterre-based Technip Energies, listed since early 2021 on the Paris stock exchange, originally a provider of energy projects and services, wants to diversify towards the energy transition. This group claims 15,000 employees in 35 countries.
Source: BFM TV
