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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
