Parker Drilling Announces Settlement of DOJ and SEC Investigations
HOUSTON, April 16, 2013 /PRNewswire/ -- Parker Drilling Company (NYSE-PKD), an international drilling contractor, drilling services and rental tools provider, today announced that the Company has settled with the United States Department of Justice (DOJ) and the United States Securities and Exchange Commission (SEC) related to parallel investigations that the DOJ and SEC conducted regarding possible violations of U.S. law, including the Foreign Corrupt Practices Act (FCPA), by the Company. Parker Drilling will pay $15.85 million to settle these matters, which is the amount previously announced and recorded as a charge for the fourth quarter of 2012.
"After an extensive investigation, with which we fully cooperated, we are pleased to have reached agreement with the DOJ and the SEC, and we will continue to maintain a vigorous FCPA compliance program, to emphasize the importance of compliance and ethical business conduct, and to enhance our compliance efforts," said Parker Drilling President and Chief Executive Officer, Gary Rich.
The agreement with the SEC is contingent upon approval by a United States District Court. There can be no assurances regarding if and when the court will approve the settlement.
Parker Drilling provides high-performance contract drilling solutions, rental tools and project management services to the energy industry. Parker's rig fleet includes 23 land rigs and two offshore barge rigs in international locations, 12 barge rigs in the U.S. Gulf of Mexico, and two land rigs in the U.S. The Company's rental tools business supplies premium equipment to operators on land and offshore in the U.S. and in select international markets. Parker also performs contract drilling for customer-owned rigs and provides technical services addressing drilling challenges for E&P customers worldwide. More information about Parker Drilling can be found at http://www.parkerdrilling.com, including operating status reports for the Company's Rental Tools segment and its international and U.S. Gulf of Mexico rig fleets, updated monthly.
Posted: April 16, 2013