Schlumberger Oilfield Holdings, a wholly-owned subsidiary of oilfield services giant Schlumberger, entered into a guilty plea this week and will pay a record $232.7 million criminal fine to the government for economic sanctions violations. The penalty amount represents the largest criminal fine in connection with an International Emergency Economic Powers Act (IEEPA) prosecution.
According to court documents filed this week in U.S. District Court for the District of Columbia, Schlumberger Oilfield was charged with one count of knowingly and willfully conspiring to violate the IEEPA by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan. Schlumberger Oilfield agreed to waive indictment and has accepted responsibility for its criminal conduct and that of its employees by entering into a plea agreement with the government.
