Settlements

ST-101
Bribery by Oil Services and Freight Forwarding Companies / Tidewater, Inc. (Nigeria Settlement)
Bribery by Oil Services and Freight Forwarding Companies
Nigeria
Economic and Financial Crimes Commission
Nigeria
2011
03/03
United States
Legal Person
Criminal
Non-Prosecution Agreement
Unspecified
$6,300,000.00
$6,000,000
$300,000
$6,300,000
Enforcement by "Affected" Jurisdiction
Art.16, Art.26
Art. 1, Art. 2
Improper payments
Unknown
No (Customs)
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.