| BUREAU OF INDUSTRY AND SECURITY | For Immediate Release: November 26, 2013 |
Texas Company to Pay $100 Million for Export Violations to
Iran, Syria, Cuba, and Other Countries
Fine is largest civil penalty ever levied by the Bureau of Industry and Security
WASHINGTON, D.C.- The U.S. Commerce Department's Bureau of Industry and Security (BIS)
today announced Weatherford International Ltd. in Houston, Texas, and
four of its subsidiaries (collectively, "Weatherford") have agreed to
pay a $50 million civil penalty following allegations that Weatherford
exported oil and gas equipment to Iran, Syria and Cuba in violation of
the Export Administration Regulations (EAR) and the Iranian Transactions
and Sanctions Regulations (ITSR). BIS also alleged that Weatherford
exported items controlled for nuclear non-nonproliferation reasons to
Venezuela and Mexico. The fine is the largest civil penalty ever levied
by BIS.
