Petrobras approves execution of Term Sheet with the company Andrade Gutierrez to remove provisional ban

Rio de Janeiro, June 08, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that its Executive Board approved today the execution of a Term Sheet with Andrade Gutierrez, providing for a set of integrity obligations for this company, to enable the removal of the provisional ban imposed by Petrobras since December 29, 2014, as disclosed to the market on that date and to allow Andrade Gutierrez to resume participation in Petrobras’ bidding process.

Andrade Gutierrez became eligible to sign the Term Sheet pursuant to the execution of a leniency agreement with the Federal Prosecutor’s Office (MPF) and the adoption of a set of measures that were verified by Petrobras through integrity due diligence procedure.

The obligations provided in the Term Sheet include the maintenance of an effective integrity program in compliance with current anti-corruption legislation, consisting of specific points of improvement defined by Petrobras, based on the outcome of the integrity due diligence procedure, and subject to continuous checking, including the possibility of Petrobras auditing.

It should be clarified that currently, in addition to Andrade Gutierrez, 20 other companies are under provisional ban. Therefore, they are temporarily prohibited to be contracted and to participate on Petrobras biddings.

Petrobras continues to follow the progress of leniency agreements and the adoption of compliance measures by other companies that are part of the provisional ban list.

Categories: Petrobras

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