PETR3 Petroleo Brasileiro S.A. Petrobras

   By Colin Kellaher 
 

Ensco PLC (ESV) on Tuesday said the Securities and Exchange Commission's enforcement division has completed its investigation into alleged irregularities related to a 2008 contract in Brazil and doesn't plan to recommend any action against the company.

The provider of offshore drilling services also said the Justice Department has closed its inquiry into the matter and acknowledged Ensco's full cooperation.

The investigation stemmed from alleged irregularities related to a 2008 drilling-services agreement for the DS-5 drilling rig between Petroleo Brasileiro S/A (PBR), or Petrobras, and Pride International, which Ensco acquired in 2011.

Ensco said it voluntarily contacted the SEC and Justice Department after it becoming aware of the alleged irregularities in 2015. However, Petrobras in early 2016 moved to terminate the contract, setting off litigation that the companies settled last month.

Ensco said its own investigation found no evidence that Pride, Ensco or any current or former employees were aware of or involved in any wrongdoing.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 04, 2018 12:17 ET (16:17 GMT)

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