WASHINGTON – The oilfield services company Weatherford International has agreed to pay $253 million to settle federal charges that it bribed officials in the Middle East and Africa to win business.
The Securities and Exchange Commission had charged the company with violating U.S. law by offering foreign officials bribes, improper travel and entertainment to win contracts under the United Nations’ Oil-for-Food program. Regulators say Weatherford falsified its records to hide these payments as well as other transactions in Cuba, Iran, Syria and other countries subject to U.S. sanctions.
The Swiss-based company says it agreed to pay $253 million to settle the charges and other claims against it by the U.S. Department of Justice, the Department of Commerce and other federal agencies. Weatherford has operations in Houston.
The settlement is subject to judicial approval.