Pride International Settles FCPA Issues for $56.2M

Pride International, Inc. PDE today announced that it completed its settlement with the U.S. Department of Justice and the Securities and Exchange Commission of outstanding U.S. Foreign Corrupt Practices Act matters that were voluntarily and promptly self-reported to the DOJ and the SEC in February 2006 after they were discovered in an internal review. The combined DOJ and SEC settlements require Pride and an international subsidiary to pay a total of $56.2 million, for which a charge was taken in the fourth quarter of 2009, and do not require Pride to have a compliance monitor.