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
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