Blackwater also came under fire for an incident in December 2006, in which a Blackwater guard shot and killed a security guard to the Iraqi vice president.
According to an account from the U.S. House Oversight Committee, witnesses reported the Blackwater guard was drunk and fired several shots, striking the Iraqi guard three times before fleeing the scene.
Blackwater arranged to have the guard flown out of Iraq the following day and later reportedly paid the family of the guard $15,000.
Prince told the committee the guard, Andrew Moonen, was fired for "violating alcohol and firearm policy."
"There is a lot of talk and concern about contractors not being accountable," Prince told the audience, maintaining that they are subject to rigorous oversight.
Prince outlined the prospect of an expanded role for firms such as Blackwater, including its use in the simmering conflict in the Darfur region of Sudan.
"We are essentially a robust temp agency," Prince said, adding the firm will lose its contracts if it doesn't do its job.