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SBM Offshore has denied Brazilian media reports claiming the Netherlands-based company agreed to pay a $1.7 billion settlement tied to corruption at Petrobras.

“SBM Offshore has not agreed to a USD$1.7 billion settlement. Discussions with Brazilian authorities are at an early stage and no numbers have been agreed upon,” the company said Thursday.

Last month SBM signed a memorandum of understanding with Brazil’s comptroller general and attorney general that set up a framework to discuss a potential settlement.

Brazilian prosecutors are currently investigating alleged bribery and kickback schemes tied to contracts from state owned Petrobras.

In November the company agreed to pay Dutch authorities $240 million to settle allegations that it bribed government officials in Brazil, Angola and Equatorial Guinea.

Prosecutors claimed  SBM paid sales agents $200 million in commission over a three year period, with tens of million of dollars allegedly being used to foot bills for government officials including school fees and transportation costs.

Under the Dutch settlement, SBM will not face criminal prosecution in the Netherlands.

The U.S. Department of Justice also dropped its investigation into the company.

However, individuals involved in the alleged bribery scheme could still face criminal charges in other countries.

SBM announced plans to cut 1,200 jobs, or about 11 percent of its total workforce, in December as part of a broader cost saving program.