Norway Appeals Court Clears Transocean in Tax-evasion Case

Offshore rig firm Transocean was cleared of accusations of tax evasion in a civilian case brought by the Norwegian state, a Norwegian appeals court said in a verdict on Monday.

By reversing the verdict made by a lower court, Transocean avoided claims of about 400 million Norwegian crowns ($47 million) to the Norwegian tax authorities.

In January, Norwegian police said they had dropped a planned appeal in a criminal case against Transocean declaring that the company and its advisers were considered innocent in the decade-long tax fraud case.

The civilian case was based on the same foundation as the criminal case, the court said in the verdict.