The authorization of payment raises questions concerning whether there has been a violation of the Foreign Corrupt Practices Act (FCPA), including whether the payment was accurately reflected on the Company's books and records. In response to the discovery, the Company has instituted disciplinary action against several employees.
"Horizon takes this matter very seriously and will not tolerate improper conduct at any level. We are working as quickly as possible to complete our internal investigation, and intend to cooperate fully with the SEC to ensure an expeditious resolution of this matter," said David W. Sharp, President and Chief Executive Officer of Horizon Offshore, Inc.
Horizon and its subsidiaries provide marine construction services for the offshore oil and gas industry. The Company's fleet is used to perform a wide range of marine construction activities, including installation and repair of marine pipelines to transport oil and gas and other sub sea production systems, and the installation and abandonment of production platforms.
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