FMC Technologies Inc.

Energy, Technology

[email protected]

"This license involved the settlement of a legal dispute. Before the imposition of the sanctions against Iran, FMC had a trade contract with Daewoo UK to provide equipment and perform installation and warranty work at a facility on Kharg Island in Iran. The ultimate contracting authority for the project was the National Iranian Oil Company. After sanctions were imposed, FMC ceased all work on the project. Daewoo then initiated a legal claim against FMC. For complex legal reasons, the payment of a $710,000 settlement by FMC to Daewoo required a license from OFAC." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)