Sevan Marine Investigates Petrobras Corruption Case
Norway's Offshore drilling firm Sevan Marine ASA has appointed law firm Selmer to investigate claims by Brazilian media that a former manager and agent of Sevan Marine are connected to the Brazilian authorities' investigation into corrupt activities involving Petrobras. The company has offered full co-operation and has been in contact with the relevant authorities on this matter. A statement from the company says: "Sevan Marine has recently become aware of articles in the Brazilian press which refer to a former manager and agent of Sevan Marine being named in connection with the Brazilian authorities' investigation into corrupt activities involving Petrobras and Operation Car Wash (Lava Jato).
Petrobras Probe Points to Pension Fund
Clarification: This story has been updated to include the full name a company which is under investigation for involvement in a corruption scandal with Petrobras. The name of the Brazilian company is UTC Engenharia, not UTC as initially reported. There are several global companies known as UTC, and only the Brazilian firm UTC Engenharia is implicated. Brazil's state-run oil company Petrobras on Monday said a growing corruption scandal may implicate its employee pension fund and has led to a freeze on payments to 23 contractors allegedly involved in the scheme. Petros, the 66 billion real ($24 billion) employee-pension fund of Petroleo Brasileiro SA, as Petrobras is formally known, was singled out by an internal investigation, Petrobras said in a statement.
Kvaerner Profits Beat Estimates
Kvaerner beat market expectations with a jump in first-quarter profits, and the company reiterated opposition to a tie-up with Norwegian oil industry services rival Aker. Kvaerner, trying to recover from a wrenching 1999 restructuring, said pre-tax profits leapt to 151 million crowns ($16.66 million) in the quarter to March 31 from 10 million crowns in the same period of 2000. Net profits leapt to 110 million from 10 million. "We're not jumping for joy about it but with the starting point we've had this has to be a pleasant confirmation that we are on the right track," Chief Executive Kjell Almskog told a news conference. Operating profits…
