Keppel files for $68.4m claim against Seatrium over Brazil corruption probe

Keppel previously made an $82.4m claim in 2024, which Seatrium contested.

Keppel Ltd. has announced that arbitration proceedings against Seatrium will commence for a $68.4m claim related to Brazil’s corruption probe, Operation Car Wash.

In 2022, Seatrium agreed to indemnify Keppel against claims related to the corruption investigation by Brazilian authorities.

Keppel Offshore & Marine Ltd. and Seatrium, formerly known as Sembcorp Marine Ltd., officially merged in February 2023.

In July 2025, Seatrium announced that it is required to pay an aggregate final settlement payment of $168.4m (BRL728.9m) to the Brazilian authorities as part of the leniency agreements related to the probe.

Keppel said in a bourse filing on 26 August that Seatrium was due to pay $68.4m to Keppel upon its signing of final leniency agreements, under the terms of indemnity it agreed to before.

Keppel had previously issued a notice of claim for the $82.4m sum in 2024, which Seatrium had contested.

Also on 26 August, Seatrium responded that it received the notice of arbitration from Keppel, which has been filed with the Singapore International Arbitration Centre. Seatrium said it is reviewing the claims and allegations and “will defend the arbitration claim vigorously”.

Seatrium also noted that the obligation to pay Keppel expired in February 2025, and there were no binding and legally enforceable agreements signed with the Brazilian authorities before that.

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia