Transocean Gets Reprieve in Brazil

Energy

Published: October 1, 2012 10:25 am

Last Updated: October 1, 2012 10:34 am

Deepwater drilling company Transocean Ltd. (NYSE: RIG) said yesterday that Brazil’s Superior Court of Justice has granted a request from the country’s oil regulatory body partially to suspend the temporary injunction that would have forced the company to cease its Brazilian operations by October 27. Transocean said:

Transocean is permitted to continue to operate its rigs in all fields offshore Brazil, with the exception of the Campo de Frade field. Transocean currently has 10 rigs under contract in Brazil; nine of which are currently assigned to work for customers in other fields.

Reuters reports that the court’s decision took into account the revenue losses that would be suffered by Petrobras, Brazil’s state controlled oil company Petroleo Brasileiro S.A. (NYSE: PBR) and the lost royalty payments to the government if the injunction were upheld.

Transocean said it would continue to “vigorously pursue all legal avenues to ensure complete resolution of litigation against it in Brazil, including restrictions related to its operations in the Campo de Frade field.”

Shares of Transocean are up 4.2% this morning at $46.77 in a 52-week range of $38.21 to $60.09.

Paul Ausick

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