2023-06-28 09:54:59 ET
Subsidiaries of TechnipFMC ( NYSE: FTI ) and Technip Energies ( OTCPK:THNPY ) ( OTCPK:THNPF ) said Wednesday they agreed to pay a combined €208.9M in fines in a settlement with France's national financial prosecutor Parquet National Financier.
The prosecutor said the resolution involved the corruption of foreign public officials during 2008-12 related to subsea projects undertaken by the former Technip group, mainly in Africa.
TechnipFMC ( FTI ) is responsible for €179.45M to be paid in installments through July 2024, and Technip Energies ( OTCPK:THNPY ) ( OTCPK:THNPF ) is responsible for the remaining €29.45M under their separation agreement from January 2021.
The settlement is not an admission of liability or guilt but it does result in avoiding prosecution.
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TechnipFMC, Technip Energies to pay nearly €210M in fines over Africa projects