We are currently restructuring our databases, so be advised that the FCPAC database is updated only through July 30, 2025.

Processing your request


please wait...

 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Transocean's Activities with Petrobras in Brazil · Transocean Ltd.

Information & Summary

Investigation into Transocean's Activities with Petrobras in Brazil

Related FCPA Matter:   Transocean's Involvement with Petrobras in Brazil Information

Information & Summary

Investigation Name:    Investigation into Transocean's Activities with Petrobras in Brazil

Trend:    Petrobras

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Unspecified U.S. Authorities

Whistleblower:    Unknown

Summary

Transocean Inc. was an American-Swiss corporation whose stock traded on the New York Stock Exchange and the SIX Swiss Exchange. Transocean and its subsidiaries provided offshore drilling services and equipment to oil companies worldwide.

In a 10-Q filed on November 4, 2015, Transocean disclosed that the company had initiated an internal investigation into allegations made by a former Petrobras employee relating to the award of a drilling services contract to Transocean. The allegations were made public through an investigation being conducted by Brazilian authorities in response to allegations of corrupt practices involving Petrobras business.

By the filing of the company's 10-K on February 25, 2016, Transocean had completed the internal investigation, which had not identified any wrongdoing by any of its employees or agents. Nevertheless, the company disclosed that it had voluntarily met with governmental aurthorities in the U.S. to discuss the allegations and the company's internal investigation. Though not confirmed until the resolution of the investigation, the governmental authorities appear to have been the DOJ and SEC.

In its 10-Q filed on May 1, 2018, Transocean disclosed that it had received a letter from the SEC on March 5, 2018, stating that the SEC's investigation had been concluded with no further action and that the company had received a letter from the DOJ on April 4, 2018, stating that the DOJ had closed its inquiry into the matter.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.