November 30, 2018
This month, Vantage Drilling International (“VDI”), successor-in-interest to the now-liquidated Vantage Drilling Company (“VDC”), assented to the SEC’s imposition of a cease-and-desist order related to VDC’s violation of the internal accounting controls provisions of the FCPA. The violation stemmed from a VDC executive’s bribery of a Petrobras official in connection with a contract for the services of VDC’s ultra-deepwater drillship, the Titanium Explorer. Based on VDI’s cooperation, and taking into consideration its current financial situation, the SEC chose not to impose a civil fine, but did order disgorgement of US$ 5 million in ill-gotten profit. Earlier this year, the DOJ issued a declination related to the matter.
Visit the TRACE Compendium to view the complete entries, along with other updates from this month.