Oil field company to pay $232.7-million fine for illegal exports

Schlumberger Oilfield Holdings, a subsidiary of Schlumberger Ltd., on Wednesday agreed to enter a guilty plea.    Schlumberger Oilfield Holdings Ltd. (SOHL), a subsidiary of Schlumberger Ltd., on Wednesday agreed to enter a guilty plea and pay a $232,708,356 penalty to the U.S. government for conspiring to violate the International Emergency Economic Powers Act (IEEPA) by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan.
   The plea agreement, which is contingent upon the court’s approval, also requires SOHL to submit to three years of corporate probation, continue to cooperate with the government and not commit any additional felony violations of U.S. federal law. In addition, Schlumberger Ltd. will continue its cessation of all operations in Iran and Sudan, report on its compliance with sanctions, respond to requests to disclose information and materials related to compliance with U.S. sanctions laws, and hire an independent consultant to review its internal sanctions policies, procedures and audits focused on the company’s sanctions compliance.
   The guilty plea concludes a joint investigation started in 2009 and led by the Justice Department’s National Security Division, the U.S. Attorney’s Office for the District of Columbia, and the Commerce Department’s Bureau of Industry and Security’s Dallas Field Office.