Helmerich & Payne Inc. agreed to pay $1 million to resolve federal charges that it bribed government officials in Argentina and Venezuela, the US Department of Justice said on July 30.
The Tulsa-based onshore drilling contractor also agreed to pay $375,000 to settle US Securities and Exchange Commission allegations that it violated federal securities laws by not fully reporting improper payments by two of its South American subsidiaries, the US Securities and Exchange Commission said in a separate announcement.
Its order instituting administrative proceedings said that the Tulsa-based onshore drilling contractor’s books, records, and accounts from 2003 through 2008 did not reflect payments through Helmerich & Payne (Argentina) Drilling Co. and Helmerich & Payne de Venezuela SA to customs officials in the two countries.
H&P acknowledged responsibility for the bribes, which were paid to import and export goods which were not within regulations, to import goods which could not lawfully be imported, and to evade higher taxes and duties on the goods, DOJ said. The actions violated the Foreign Corrupt Practices Act, it noted.
It said that in addition to the fine, the company agreed to implement rigorous internal controls and cooperate fully with the department. The agreement also recognizes H&P’s voluntary disclosure and thorough self-investigation of the underlying conduct, DOJ said. It said that it agreed not to prosecute H&P provided the company satisfies the agreement’s conditions for two years.
The SEC said that H&P consented to the federal securities regulator’s order without admitting or denying any of its findings.
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