Vantage Drilling International announced that it has concluded a settlement agreement with the U.S. SEC resolving the SEC’s investigation into possible violations of the internal accounting control provisions of the FCPA by its former parent company, Vantage Drilling Company.
As part of the settlement, which arose out of VDC’s dealings with Petrobras, Vantage has agreed to pay $5 million. Vantage neither admitted nor denied any of the SEC’s allegations, except as to jurisdiction, which it admitted.
The investigation arose in 2015 from allegations of improper payments by a director of VDC to former officials of Petrobras made in 2009 and 2010 in connection with the contracting of the Titanium Explorer drillship to Petrobras.
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