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 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Ensco Plc's Activities in Brazil re: Pride and Petrobras · Ensco plc

Information & Summary

Investigation into Ensco Plc's Activities in Brazil re: Pride and Petrobras

Related FCPA Matter:   Ensco's Investigation into Pride and Petrobras Information

Information & Summary

Investigation Name:    Investigation into Ensco Plc's Activities in Brazil re: Pride and Petrobras

Trend:    Petrobras

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Brazilian Office of the Attorney General for the State of Parana

Whistleblower:    Unknown

Summary

Ensco plc (Ensco) was a global offshore contract drilling company that was incorporated in England. Its ordinary stock was traded on the NYSE. In 2019, it merged with Rowan Companies to form Valaris, which is headquartered in Texas and its stock is also traded on the NYSE.

As disclosed in SEC filings, Ensco became aware of an internal audit report by Petrobras alleging irregularities in relation to a contract between Petrobras and Pride International, Inc., a company Ensco had acquired in 2011 and which had commenced drilling operations in Brazil in 2001. Upon learning of the Petrobras internal audit report, Ensco’s Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, Ensco voluntarily contacted the SEC and the DOJ, respectively, to advise them of the matter and the Audit Committee’s investigation.

As of its October 27, 2016 10-Q filing, Ensco had found no evidence that Pride or Ensco were aware of or involved in any wrongdoing, and the company continued to provide the SEC and DOJ with updates on the investigation.

On December 21, 2015, Ensco entered into a one-year tolling agreement with the DOJ, and on March 7, 2016, entered into a one-year tolling agreement with the SEC.

In an 8-K filed on September 4, 2018, Ensco disclosed that it had received letters from both the SEC and DOJ informing the company that the agencies' respective investigations had been concluded with no further action.

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