Transocean gets federal court notice to cease Brazil operations

9:22 AM, 28th September 2012

VERNIER, SWITZERLAND: Transocean Ltd announced that at approximately noon Rio De Janeiro time, September 27, 2012, the federal court in Rio de Janeiro served the company with a preliminary injunction requiring that it cease operations in Brazil within 30 calendar days from the date of service. The company is vigorously pursuing the overturn or suspension of the preliminary injunction, including through an appeal to the Superior Court of Justice. Absent relief from the courts, Transocean will be required to comply with the preliminary injunction.

Transocean currently has 10 rigs under contract for work in Brazil, with nine currently in country and is evaluating rig contracts and collaborating with customers to determine appropriate actions with respect to operations. For the six months ended June 30, 2012, the company’s operations in Brazil accounted for approximately 11 per cent of consolidated operating revenues.

0 Comments

Your Comments (Up to 2000 characters)

Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Submit

TOKYO, JAPAN: Japanese researchers announced they’ve seen evidence of the reclusive element 113, a super-heavy, super-unstable element near the ...

Coca-Cola, JBF to build world’s largest bio-glycol facility

ATLANTA, US: The Coca-Cola Company will partner with JBF Industries Ltd to further expand production of the plant-based material used in the company ...

Tomkins to sell Dexter Axle division for $360 million

TORONTO, CANADA: Onex Corporation announced that Tomkins, jointly owned by Onex and Canada Pension Plan Investment Board, has entered into an agreemen ...

CB&I awarded $80 million offshore engineering contract

THE WOODLANDS, US: CB&I is awarded a contract valued in excess of $80 million for an offshore engineering project in Europe. The scope of work inc ...

Perstorp strengthens sales and development in Benelux market

PERSTORP, SWEDEN: Following the overall review of Perstorp’s use of sales channels, specialty chemicals, the company has decided to extend colla ...

ExxonMobil to expand synthetic lubricants capacity in Louisiana

BATON ROUGE, US: ExxonMobil is investing more than $200 million to expand its Baton Rouge chemical and lubricants plants to increase capacity for synt ...