National Oilwell Varco, Inc (and subsidiaries Dreco Energy Services, Ltd. & NOV Elmar)

Parent Company:
National Oilwell Varco (USA)
HQ Country of Company:
Department of Justice, Department of Commerce, Bureau of Industry and Security, Department of the Treasury, OFAC and U.S. Immigration and Customs Enforcement
Location of Sentencing:
Washington D.C.
OFAC determined that from on or about 2002 to on or about 2009, NOV engaged in certain conduct in apparent violation of the ITSR. Specifically: (1) between October 2002 and April 2005, National Oilwell Varco, Inc. approved at least four Dreco commission payments to a U.K.- based entity that related to the sale and exportation of goods, directly or indirectly, from Dreco to Iran, in apparent violation of the ITSR (these four commission payments have a combined value of $2,630,091); (2) between September 2006 and January 2008, National Oilwell Varco, Inc. engaged in two transactions totaling $13,596,980 involving the direct or indirect sale and exportation of goods to Iran, and/or facilitated those transactions, in apparent violation of the ITSR; (3) between at least 2003 and 2007, Dreco knowingly indirectly exported goods from the United States for the specific purpose of filling at least seven orders from Iranian customers, in apparent violation the ITSR (these seven transactions have a total value of $526,480).
Total Fine
25000000 (OFAC) +2500000 (BIS)
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
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