Offshore drilling contractor, Vantage Drilling Company, announced this month in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act.
In an Form 10-Q, published on Aug. 4, Vantage said it “became aware of media reports” in July that one of its agents in Brazil used in the contracting of the Titanium Explorer drillship “has entered into a plea arrangement with the Brazilian authorities in connection with the agent’s role in obtaining bribes on behalf of former Petrobras executives.”
Vantage said it confirmed that the agent provided evidence to the Brazilian authorities of an “alleged bribery scheme between the former Petrobras executives and a former director of Vantage.” The director, Hsin-Chi Su, was the sole owner of the company that owned Titanium Explorer at...
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