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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Weatherford expects $250 million settlement

Oil field services company Weatherford International said Monday it hopes to finalize a settlement with the U.S. government of FCPA and oil-for-food violations and trading with sanctioned countries for about $250 million.

The company estimated that the FCPA and oil-for-food settlement would amount to $153 million, and the sanction settlement will cost $100 million.

Geneva-based Weatherford said it has reached ‘definitive agreements’ for the settlement, which needs final approval from the SEC and the courts.

Weatherford previously said it had ‘uncovered potential violations of U.S. law in connection with activities in several jurisdictions.’

It said in May that costs for the investigations are about $115 million.

It first disclosed an overseas bribery investigation in 2007. The investigation later expanded to include potential violations of the Iraq oil-for-food program and possible illegal trade with Cuba, Iran, Sudan, and Syria.

Weatherford operates in about 100 countries with more than 65,000 employees. Annual revenues topped $15 billion.

The company stopped doing business with Cuba, Iran, Sudan, and Syria in 2008, it said earlier.

Weatherford International Ltd. trades on the NYSE under the symbol WFT.


Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.

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