Norwegian state-run Statoil said today that a probe by US authorities into a 2002 contract it had with Horton Investments for business development in Iran has been dropped.
Statoil said it reached an agreement with the US Securities and Exchange Commission, the US Department of Justice and the Attorney's Office for the Southern District of New York that settled the agencies' investigations under a US law relating to Statoil's dealings with Horton.
In 2004, Statoil paid a 20 million crown ($3.55 million) fine to the Norwegian authorities for violation of Norway's bribery rules in its transactions with Horton, a London-based consultancy which helped the Norwegian company in Iran.
Senior Statoil executives, including the then chief executive and head of international exploration and production, lost their jobs over the Horton case.