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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Nabors' Activities Regarding Panalpina · Nabors Industries Ltd.

Information & Summary

Investigation into Nabors' Activities Regarding Panalpina

Related FCPA Matter:   Nabors Industries Ltd.'s Involvement with Panalpina Information

Information & Summary

Investigation Name:    Investigation into Nabors' Activities Regarding Panalpina

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Nabors Industries Ltd. (Nabors) is an American global oil and gas drilling contractor based and headquartered in Houston, Texas. Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. Its stock is traded on the NYSE.

As disclosed in its SEC filings, on July 5, 2007, Nabors received an inquiry from the DOJ relating to an investigation of one of Nabors’ vendors and compliance with the FCPA. The inquiry related to transactions with and involving Panalpina, a company that provided freight forwarding and customs clearance services to some of Nabors’ affiliates. The inquiry focused on transactions in Kazakhstan, Saudi Arabia, Algeria and Nigeria. The Audit Committee of Nabors’ Board of Directors engaged outside counsel to review some of the transactions with this vendor. The investigation included a review of certain amounts paid to and by Panalpina in connection with obtaining permits for the temporary importation of equipment and clearance of goods and materials through customs. Both the SEC and the DOJ were advised of the internal investigation.

In April 2012, the SEC advised Nabors that the review of the matter had been concluded and enforcement action would not be recommended. In February 2013, the DOJ likewise advised Nabors that the inquiry into the matter was concluded, also without recommending any enforcement action.

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