UPDATE 1-Pride Int’l settles foreign bribery case with DOJ, SEC

* Pays $56.2 mln to DoJ, SEC * Pleads guilty to complete
settlement

Dec 7 (BestGrowthStock) – Pride International Inc (PDE.N: ) said it
settled with the U.S. Department of Justice and the Securities
and Exchange Commission, paying $56.2 million, in a case
related to bribing foreign officials.

Pride’s unit pleaded guilty on Tuesday in U.S. District
Court in Houston of violations of U.S. Foreign Corrupt
Practices Act (FCPA).

The offshore driller also entered into a three-year
deferred prosecution agreement with the Justice Department. SEC
has not sought or imposed civil penalties, the company said.

The Houston-based company had earlier said an internal
investigation showed that less than $1 million were paid to
government officials in Venezuela and Mexico.

Last month, six companies including Royal Dutch Shell
(RDSa.L: ) and Pride agreed to settle bribery investigations.
[ID:nN0494954]

Pride recorded a charge related to the settlement in the
fourth quarter of last year.

Pride’s shares, which have remained flat since the company
said it neared FCPA settlement in November, were up more than 2
percent at $33.29 Tuesday afternoon on the New York Stock
Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
Don Sebastian)

UPDATE 1-Pride Int’l settles foreign bribery case with DOJ, SEC