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Vantage Drilling reaches ‘agreement in principle’ with SEC in FCPA case

Jaclyn Jaeger | May 9, 2018

Offshore drilling contractor Vantage Drilling Co. said in a securities filing that it has “reached an agreement in principle” with the Securities and Exchange Commission regarding a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act.

In August 2015, Vantage Drilling Co. (VDC) disclosed in a quarterly report that it “became aware of media reports” that Hamylton Padilha, 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.” VDC 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...

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