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The Offshore Drilling Company Vantage Drilling Agreed to Pay a Settlement Fee and Resolve the SEC Investigation Into a Possible Bribery Case Related to a Drilling Contract with Petrobras.
The driller said on Monday that it completed the agreement with the U.S. Securities and Exchange Commission “resolving the SEC investigation into possible violations of the internal accounting control provisions of the U.S. Foreign Corrupt Practices Act (FCPA) by its former parent company.” Vantage Drilling Company.”
“As part of the agreement, which arose from negotiations with Petróleo Brasileiro S.A. (“Petrobras”), Vantage agreed to pay US $5 million. Vantage did not admit or deny any of the SEC’s allegations, except with respect to jurisdiction, which it admitted,” Vantage Drilling said on Monday.
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Energy Offshore Today reported in August 2017 that the U.S. Department of Justice closed an investigation into the alleged improper payments by Vantage Drilling in Brazil without taking any action.
The investigation arose in 2015 from allegations of improper payments by a director of Vantage Drilling to former Petrobras employees made in 2009 and 2010 in connection with the hiring of the drillship Titanium Explorer for Petrobras.
According to a document released by the SEC on Monday (PDF), through agents and intermediaries, they agreed to pay US $31 million in bribes to Petrobras employees, and in return, Petrobras granted in February 2009 an eight-year contract worth US $1.8 billion for the drillship Titanium Explorer.
Satisfied With the Closure
“Since the onset of the investigation, the company has fully cooperated with the DOJ and the SEC. The SEC noted, as one of its considerations for resolving the matter, that the Company reconstituted its Board of Directors and implemented a new management team.
“With the resolution of this matter with the SEC and the DOJ’s previous decision to close its investigation into Vantage and VDC without taking any action, the investigation of Vantage and VDC by the U.S. government for possible FCPA violations has formally concluded,” Vantage Drilling stated.
Ihab Toma, CEO of Vantage, stated: “We are very pleased with the conclusion of the U.S. government’s investigation into possible FCPA violations. Vantage has been, and remains, firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA.”
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