Vantage Drilling Company, an offshore drilling contractor, announced this week that it will not be facing an enforcement action from the Department of Justice regarding a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act.
As Compliance Week previously reported, the investigation arose in 2015 from allegations of improper payments to former officials of Petróleo Brasileiro (Petrobras) in connection with the contracting of the Titanium Explorer drillship to Petrobras. From the outset of the investigation, the company said it has provided its “full cooperation” to the Department of Justice and the Securities and Exchange Commission.
“We are very pleased with the closure of the DOJ’s investigation,” Vantage’s Chief Executive Officer Ihab Toma said in a statement. “Vantage has been, and remains, firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA,” Toma added.
Vantage Drilling added that, “It is the company’s understanding that the parallel investigation by the SEC remains open at this time, and Vantage continues to cooperate with the SEC with regard to that investigation.”