Technip confirms US$ 338 million bribery settlement

By Chris Sleight29 June 2010

Further to its announcement in February, Technip has confirmed it will pay US$ 338 million in fines for its part in the bribery of Nigerian officials responsible for the construction of the Bonny Island Liquefied Natural Gas (LNG) plant, between 1994 and 2004.

Under a deal struck with the US Securities & Exchange Commission (SEC) and Department of Justice (DOJ), Technip will pay US$ 240 million to the DOJ and US$ 98 million to the SEC over the next two years. As well as the fines, Technip's agreement with the DOJ means it must also improve its compliance procedures over the next two years in order to escape prosecution.

Technip CEO Thierry Pilenko said, "The final agreement, completely in line with the road map that we laid out in February, puts this legacy story behind us and enables us to focus on Continuing to develop Technip's business. We stand by Technip's commitment to carry out its business activities ethically and according to both the spirit and letter of the law world wide."

Technip was part of the TSKJ consortium that won the US$ 2 billion construction contract and a subsequent US$ 1.2 billion contract to extend the plant. The other participants in the consortium were KBR (then part of Halliburton), Snamprogetti, and JGC. Halliburton has already agreed to pay US$ 559 in fines for KBR's part in the bribery scandal.

Latest News
BRADEN unveils new synthetic rope
The TRS Synthetic Rope is engineered and tested to complement TR Series Planetary Recovery Winches.
Mammoet unveils first components for ‘world’s largest’ electric crane
The SK6000 can be operated entirely from electric power
Don Udelson: ‘The constant drive to improve, innovate and stay ahead of the curve is invigorating’
Born into a family of equipment industry entrepreneurs, Don Udelson built Lift Source Machinery from the ground up.