Petrobas: Transocean Ban is SUPER Inconvenient

Total Views: 0
September 28, 2012

The Petrobas 10000 is one of Transocean’s 10 rigs on contract with Petrobras.

RIO DE JANEIRO–Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR) said Friday it was taking legal action to lift an injunction barring drill-rig operator Transocean Ltd. (RIG) from operating in Latin America’s largest country.

Transocean and U.S. oil major Chevron Corp. (CVX) said Thursday they had been served with the injunction, requiring the two companies to halt operations within 30 days. The injunction, which is being appealed by both companies, was handed down in late July for Chevron’s and Transocean’s roles in an offshore oil spill last November.

The injunction forces Petroleo Brasileiro, commonly known as Petrobras, and Transocean to take immediate action to comply with the order, Petrobras said. “Because of the consequences to its activities, the company entered with a safety mandate to seek the immediate suspension of the effects of the injunction,” Petrobras said.

Petrobras currently leases eight rigs from Transocean, with seven drilling off the coast of Brazil. The eighth rig is in dock, the company said.

-By Jeff Fick. (c) 2012 Dow Jones & Company, Inc.

Back to Main