London-based offshore drilling company receives double declination in FCPA investigation

Financial Crimes SEC DOJ

On September 4, a London-based offshore drilling company, announced in its Form 8-K filing that the DOJ and the SEC will not take action against the company, ending their investigations into alleged corruption related to a drilling services agreement between an acquired subsidiary, and a Brazilian state-owned oil company. According to the filing, the SEC letter stated that the agency “did not intend to recommend any enforcement action” related to the alleged irregularities. The DOJ letter acknowledged the company’s full cooperation in the investigation.