friday, 28 september of 2012

Transocean served with injunction against Brazil drilling

Brazil drilling

Transocean served with injunction against Brazil drilling

Transocean Ltd said on Thursday it was served with a preliminary injunction by a federal court in Brazil that will require the company's nine rigs currently in the country to cease operations within 30 days.

"The company is vigorously pursuing the overturn or suspension of the preliminary injunction, including through an appeal to the Superior Court of Justice," Transocean said in a statement. "Absent relief from the courts, Transocean will be required to comply with the preliminary injunction."

The world's largest offshore rig contractor warned two weeks ago, after the ban was upheld on appeal, that it could not be sure of overturning the decision in time to prevent its rigs going to zero revenue for some period of time. Brazil accounts for about 11 percent of Transocean's revenue.

Brazil's state-led oil company Petrobras said last week it was working to help Transocean reverse the ruling, which would halt the exploration and development of some of Petrobras's most promising deepwater fields.

(Published by Reuters - September 27, 2012)

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