BUSINESS

Schlumberger to pay $232 million in sanctions violation case

Associated Press

The world's largest oil services company, Schlumberger Ltd., has agreed to a penalty of more than $232 million and one of its subsidiaries will plead guilty to trade sanctions violations.

The Justice Department on Wednesday announced the case against Schlumberger Oilfield Holdings Ltd., accusing the subsidiary of illegally conducting business with Sudan and Iran in violation of U.S. economic sanctions.

Federal prosecutors say the company has agreed to cooperate with the government and spend three years under corporate probation.

Court documents allege that a Texas-based business segment of the company provided oil field services to Schlumberger customers in Sudan and Iran.

Assistant Atty. Gen. John Carlin said the company tried to conceal those dealings.

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