Transocean Ordered to Cease Brazil Offshore Operations
Transocean Ltd. announce the federal court in Rio de Janeiro has served a preliminary injunction requiring it to cease operations in Brazil within 30 calendar days.
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 (RIG) 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 percent of consolidated operating revenues.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.