Schlumberger fined $232.7mn for breaking Iran, Sudan sanctions

French-US oil services giant Schlumberger Ltd. was fined $232.7 million by the Justice Department Wednesday for violating sanctions on Iran and SudanFrench-US oil services giant Schlumberger Ltd. was fined $232.7 million by the Justice Department Wednesday for violating sanctions on Iran and Sudan. Fully owned subsidy Schlumberger Oilfield Holdings Ltd. admitted guilt to one count of “knowingly and willfully conspiring to violate” the US International Emergency Economic Powers Act, under which US sanctions are applied, the department said. According to the charges, the company’s Texas-based drilling and measurements unit provided services to Iran and Sudan between 2004 and 2010 and tried to hide the fact from authorities. While Schlumberger Oilfield Holdings, incorporated in the British Virgin Islands, was allowed to work in both Iran and Sudan, the Department said the US Drilling and Measurements unit was not.

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