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Friday, March 27, 2015
Schlumberger Ltd. unit, Schlumberger Oilfield Holdings, has agreed to plead guilty to charges that it traded with Iran and Sudan, both of which are under sanctions by the US. Under the guilty plea the service firm will pay more than $232 million for violating US sanctions.
The Schlumberger unit allegedly provided services to the sanction countries and then took steps to cover up its crime. The $155 million fine component of the case is believed to be the largest criminal fine in sanctions case. The remainder of the Schlumberger financial penalty, $77.5 million, is a forfeiture representing proceeds derived from its illegal conduct.
In a statement Joao Felix, a Schlumberger spokesman, said that the company cooperated with the investigation and is satisfied the probe is resolved. It has voluntarily ceased oilfield operations in Iran and in Sudan, he said.
“Schlumberger has reviewed its long-standing compliance and accountability protocols and made appropriate enhancements to address the issues discovered through the investigation,” Felix said.
Under the agreement Schlumberger will be on a three-year probation period and must hire a consultant to review its sanction policies.
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