Summary
This 8-K filing from Schlumberger Limited (SLB) on March 25, 2015, discloses the resolution of a U.S. Department of Justice investigation concerning historical violations of U.S. sanctions related to operations in Iran and Sudan between 2004 and 2010. A non-U.S. subsidiary has agreed to plead guilty to a conspiracy charge. Schlumberger will pay a total of approximately $232.7 million in fines, penalties, and assessments. Importantly, this amount had already been accrued by the company, indicating no unexpected financial impact from this settlement on the reporting date. The resolution is subject to judicial approval.
Key Highlights
- 1Resolution of U.S. Department of Justice investigation into past sanctions violations in Iran and Sudan (2004-2010).
- 2A non-U.S. subsidiary will plead guilty to conspiracy to violate the International Emergency Economic Powers Act.
- 3Total payment of approximately $232,708,000 in fines, penalties, and assessments.
- 4The full amount of the settlement had already been accrued by the company, mitigating immediate financial surprise.
- 5Resolution is contingent upon judicial approval.
- 6No indication of ongoing operational impact from these historical sanctions violations.