Weatherford Services, Foreign Bribery, New York 2024

Weatherford Services Limited, a subsidiary of Weatherford International, a Swiss oil services company that trades on the New York Stock Exchange, has agreed to plead guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA).

The crime occurred in 2024, and Weatherford Services has agreed to pay an undisclosed amount in penalties and fines. The exact date of the crime is not specified, but the resolution of this case demonstrates the seriousness with which the government takes foreign bribery and fraud by companies’ subsidiaries.

“Effective internal accounting controls are not only good policy, they are required by law for publicly traded companies – and for good reason,” said Acting Assistant Attorney General Mythili Raman. “This case demonstrates how loose controls and an anemic compliance environment can foster foreign bribery and fraud by a company’s subsidiaries around the globe. Although Weatherford’s extensive remediation and its efforts to improve its compliance functions are positive signs, the corrupt conduct of Weatherford International’s subsidiaries allowed it to earn millions of dollars in illicit profits, for which it is now paying a significant price.”

Weatherford Services also agreed to plead guilty to violating the internal controls provisions of the FCPA. Weatherford International has agreed to pay an $87.2 million criminal penalty as part of a deferred prosecution agreement with the government.

In a separate matter, Weatherford International and four of its subsidiaries agreed to pay a combined $100 million to resolve a criminal and administrative export controls investigation.

The combined investigations resulted in the conviction of three Weatherford subsidiaries, the entry by Weatherford International into two deferred prosecution agreements and a civil settlement, and the payment of more than $252 million in penalties and fines.

Weatherford International Limited is a Swiss oil services company that trades on the New York Stock Exchange. The company has agreed to pay more than $252 million in penalties and fines as a result of the investigations.

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