FPSO giant SBM Offshore will pay a $238m fine after admitting former officials were involved in corruption between 1996 and 2012.

The charges spanned activities in Brazil, Equatorial Guinea, Angola, Iraq and Kazakhstan.

SBM says the payment reflects remedial measures taken since 2012 to cut ties with third parties and the firing of the staff responsible.

Its deal with the US Department of Justice involves a single guilty plea for conspiracy to commit a violation of the US Foreign Corrupt Practices.