Vantage Drilling Signs $5 Million FCPA Settlement Linked to Petrobras Probe

Offshore oil rig operator Vantage Drilling International agreed to disgorge $5 million in a settlement with U.S. regulators related to a corruption probe in Brazil involving Petrobras, The Wall Street Journal reported. Vantage Drilling, based in the Cayman Islands, settled with the U.S. Securities and Exchange Commission over accounting-control deficiencies at its predecessor company that violated the Foreign Corrupt Practices Act. The company neither admitted nor denied the SEC’s findings, and it said the Justice Department closed a related investigation in 2017 without filing charges. “We are very pleased with the closure of the U.S. government’s investigation into possible violations of the FCPA,” Ihab Toma, the company’s chief executive, said in a statement. “Vantage has been, and remains, firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA.” Read more