Weatherford: Pays $253m USD to Resolve Case with US Government

Weatherford International Ltd. today resolved previously disclosed investigations by the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC), and the U.S. Departments of Treasury and Commerce. Weatherford will pay a total of $253 million to resolve these cases, a sum which had been previously accrued and announced in the Company’s securities filings. All of the terms of the resolution are subject to judicial approval.

“This matter is now behind us. We move forward fully committed to a sustainable culture of compliance,” said Bernard J. Duroc-Danner, Chairman, President and Chief Executive Officer of Weatherford. “With the internal policies and controls currently in place, we maintain a best-in-class compliance program and uphold the highest of ethical standards as we provide the industry’s leading products and services to our customers worldwide.”