Weatherford International, a Swiss oilfield services company that trades on the New York  Stock Exchange, and several of its subsidiaries and affiliates have settled with the US  Treasury Department’s Office of Foreign Asset Control (“OFAC”), the US Commerce  Department’s Bureau of Industry and Security (“BIS”) and the US Attorney’s Office for the  Southern District of Texas (“USAO”) for multiple sanctions and export controls compliance  violations. OFAC alleged that Weatherford violated (i) the Cuban Assets Control  Regulations by engaging in 441 transactions totalling nearly $70 million to provide oilfield  equipment and services to sanctioned entities and persons in Cuba; (ii) the Iranian  Transactions and Sanctions Regulations by providing oilfield services in Iran totalling $23  million; and (iii) the Sudanese Sanctions Regulations by conducting its oilfield services  business in Sudan, including 45 transactions totalling $300k. BIS alleged the same  violations and also that Weatherford exported items to Venezuela and Mexico controlled  under nuclear non-proliferation export restrictions. 

Weatherford settled with OFAC for $91,026,450, reflecting that OFAC determined  Weatherford’s conduct was wilful. It settled with BIS for $50 million, which was the single  largest civil penalty ever levied by BIS, and it paid a $48 million monetary penalty  pursuant to a deferred prosecution agreement with the USAO as well as $2 million in  criminal fines. The $91 million settlement with OFAC was deemed satisfied by the $100  million assessed under the settlements with the USAO and BIS. 

At the same time, in addition to the alleged sanctions violations, Weatherford also settled  allegations that it violated the Foreign Corrupt Practices Act. The settlement involved  $87.2 million in fines under an agreement with the US Department of Justice and an  additional $65.6 million in penalties under an agreement with the Securities and Exchange  Commission. In total, Weatherford was assessed $252,690,606 in penalties and fines. 

OFAC’s enforcement information release (PDF)

The Treasury Department’s press release 

BIS’ press release 

DOJ’s press release 

SEC’s press release