Transocean says it shipped goods through Iran

Bloomberg: Transocean Ltd., the world’s largest offshore oil driller, said it may have violated U.S. sanctions when goods bound for a company-owned rig in Turkmenistan traveled through Iran.

By Joe Carroll

Nov. 3 (Bloomberg) — Transocean Ltd., the world’s largest offshore oil driller, said it may have violated U.S. sanctions when goods bound for a company-owned rig in Turkmenistan traveled through Iran.

The equipment was shipped through Iran by a freight forwarder, Vernier, Switzerland-based Transocean said today in a filing with the U.S. Securities and Exchange Commission. The potential violation was detected by the company’s internal compliance program and was reported to the U.S. Treasury Department.

“Failure to comply with applicable laws and regulations relating to sanctions and export restrictions may subject us to criminal sanctions and civil remedies, including fines, denial of export privileges, injunctions or seizures of our assets,” Transocean said in today’s filing.

It’s against U.S. law to export U.S.-origin items to Iran, Transocean said in the regulatory filing.

The company said it has retained outside lawyers and is cooperating with federal investigators.