Both the Br and O- are equatorial bonds, not axial. 'to the left' and 'to the right' are totally relative based on the arbitrary orientation of your chair. In this arbitrary orientation, both the O- and Br are pointed 'to the right.' But rotate, oh, 10o about the vertical axis and the Br might just point 'to the left.'
Build a model, do a chair flip such that the O- and Br are actually axial (in this orientation, O- would be 'up', and Br would be 'down'), and everything will be right with the world again. That O- as drawn will not participate in that SN2 attack; it can't reach the C-Br σ* orbital. But it can after a chair flip to the axial positions.