Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and COSL Singapore Ltd

August 24, 2017

COSL Singapore Ltd Settles Potential Civil Liability for Apparent Violations of the Iranian Transactions and Sanctions Regulations: COSL Singapore Ltd (“COSL Singapore”), an oilfield services company located in Singapore and a subsidiary of China Oilfield Service Limited, has agreed to pay $415,350 to settle its potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR).1 The apparent violations of §§ 560.203 and 560.204 of the ITSR occurred between the approximate dates of October 7, 2011 and February 20, 2013 when COSL Singapore, through its subsidiary companies COSL Drilling Pan-Pacific (Labuan) Ltd and COSL Drilling Pan-Pacific Ltd, exported or attempted to export 55 orders of oil rig supplies from the United States to Singapore and the United Arab Emirates, and then re-exported or attempted to re-export these supplies to four separate oil rigs located in Iranian territorial waters. The transactional value of the 55 orders is $524,664. 

Read more information on the settlement below.