By Nicole Hong 

Schlumberger Ltd., the world's largest oil-field services company, has agreed to pay $232.7 million for violating U.S. sanctions in Iran and Sudan, part of the government's extended crackdown on companies doing business with countries the U.S. has declared off limits.

The U.S. Justice Department is expected to announce the plea agreement Wednesday afternoon, according to a person familiar with the situation. As part of the agreement, Schlumberger is expected to pay a $155.1 million criminal fine--the biggest criminal fine ever imposed for a U.S. sanctions violation--and forfeit $77.6 million in illegally obtained profits, according to the person.

Schlumberger Oilfield Holdings Ltd., a Schlumberger subsidiary, is expected to plead guilty to conspiring to violate the International Emergency Economic Powers Act, or IEEPA, which allows the government to block transactions with countries under sanctions.

The agreement caps a six-year investigation by the Justice Department and the U.S. Commerce Department. Details of the deal between government lawyers and Schlumberger were completed on Wednesday, according to the person familiar with the situation.

A spokesperson for Schlumberger couldn't be immediately reached for comment on Wednesday.

Write to Nicole Hong at nicole.hong@wsj.com

Access Investor Kit for Schlumberger NV

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=AN8068571086

Access Investor Kit for Genpact Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=BMG3922B1072

Schlumberger (NYSE:SLB)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Schlumberger Charts.
Schlumberger (NYSE:SLB)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Schlumberger Charts.