Asset Recovery Watch

ARW-185
Tidewater, Inc. (Nigeria Settlement)
United States
NA
Nigeria
Undertaking Recovery Effort, Location of Recovery Effort
2010
2011
Art.16
No
Criminal Prosecution; Criminal Fine
Unknown
N/A
Settlement Agreement (Source: Tidewater, Inc., US Securities and Exchange Commission Form 8-K filed March 3, 2011, at http://www.sec.gov/Archives/edgar/data/98222/000119312511055141/d8k.htm)
Completed
Assets Returned to Victim or Requesting Jurisdiction
$6,300,000
No
N/A

According to Tidwater Inc.'s March 3, 2011 Form 8-K filed with the US Securities and Exchange Commission, pursuant to a settlement agreement announced that day, Tidewater agreed to settle allegations that the Nigerian affiliate of a Swiss-based freight forwarder had made improper payments to government officials in Nigeria on behalf of Tidewater's foreign subsidiaries. The Nigerian investigation revolved around the same 2007 conduct detailed in Tidewater's settlements with the US Department of Justice and the Securities and Exchange Commission. Tidewater agreed to pay $6 million to the Government of Nigeria and an additional $300,000 for the Government of Nigeria's attorneys and other expenses. (Source: Technip Inc., SEC Form 8-K filed March 3, 2011.) Tidewater's settlements with the US Department of Justice and the Securities and Exchange Commission are detailed in: US v. Tidewater Marine International, Inc., Case No. 4:10-cr-00770 (S.D. Tex.), Deferred Prosecution Agreement and Statement of Facts filed November 4, 2010; and US Securities and Exchange Commission, Litigation Release No. 21729 (November 4, 2010), in SEC v. Tidewater, Inc., Case No. 2:10-cv-04180 (E.D. La.), Complaint filed November 4, 2010. Please note that the settlement agreement with the Nigerian government is confidential and not publicly available.

According to Technip Inc.'s March 3, 2011 Form 8-K filed with the US Securities and Exchange Commission, pursuant to a settlement agreement announced that day, the Government of Nigeria had agreed to terminate its investigation into Tidewater's operations in Nigeria in 2007 and agreed not to bring criminal or civil claims against the company or associated persons in connection with those allegations. (Source: Technip Inc., SEC Form 8-K filed March 3, 2011.)

Economic and Financial Crimes Commission
Economic and Financial Crimes Commission; Attorney General
N/A