Oil field services company Weatherford International said Monday it hopes to finalize a settlement with the U.S. government of Foreign Corrupt Practices Act (FCPA) and Iraq and oil-for-food violations and trading with sanctioned countries for about $250 million.
The company estimated that the FCPA and oil-for-food settlement would amount to $153 million, and the sanction settlement will cost $100 million, according to the FCPA Blog.
Geneva-based Weatherford said it has reached ‘definitive agreements’ for the settlement, which need final approval from the SEC and the courts.
Weatherford previously said it had ‘uncovered potential violations of U.S. law in connection with activities in several jurisdictions.’
It said in May that costs for the investigations are about $115 million, the FCPA Blog said.
The company first disclosed an overseas bribery investigation in 2007. The investigation later expanded to include potential violations of the Iraq oil-for-food program and possible illegal trade with Cuba, Iran, Sudan, and Syria.
Weatherford operates in about 100 countries with more than 65,000 employees. Annual revenues topped $15 billion.
The company stopped doing business with Cuba, Iran, Sudan, and Syria in 2008, it said earlier.
Weatherford International Ltd. trades on the NYSE under the symbol WFT.