to Singapore and the United Arab Emirates before re-exporting or attempting to re-export the supplies to oil rigs located in Iranian territory.ĬOSL has agreed to pay $415,350 to settle potential civil liability, which is a lot less than what the potential liability could have been for COSL. and COSL Drilling Pan Pacific Ltd., to export or attempt to export the oil rig supplies from the U.S. OFAC determined that COSL used its own subsidiary companies, COSL Drilling Pan Pacific (Lbuan) Ltd. vendors that the goods should not be shipped or re-exported to countries subject to U.S. These purchases were made despite some warning from U.S. that were specifically intended for export or re-export to oil rigs located in Iranian territory. It has several offshore drilling oil rigs and enters into charter agreements with third-party drilling companies to allow those parties to use its oil rigs.īetween October 2011 and February 2013, the procurement specialists for COSL purchased at least 55 orders of supplies from vendors located in the U.S.
Part 560 (ITSR), which took place between October 2011 and February 2013.ĬOSL is a Singapore-based subsidiary of a Chinese oil field service company. The parties settled a potential civil liability claim for 55 apparent violation of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $415,350 settlement agreement with COSL Singapore Ltd.
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