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Brazil ANP Chief: Transocean Operation Suspension Unjustified

SAO PAULO--The head of Brazil's national petroleum agency, ANP, said Thursday the suspension of operations by Transocean Ltd. (RIG) in the country wasn't justified. Magda Chambriard, head of the ANP, said during a Senate hearing that irregularities in the company's activities found by a Brazilian court were "light" and they "weren't reason for the discontinuing of the company's operations," according to comments posted on the Senate's website. A Brazilian court on Wednesday ordered Chevron Corp. (CVX) and Transocean to halt their activities in Brazil in 30 days or face daily fines of 500 million Brazilian reais ($250 million). The court decision is part of ongoing cases related to a drilling accident last November at the Chevron-operated Frade offshore oil field. The accident caused an estimated 3,700 barrels of crude to seep from cracks in the seabed. Chevron voluntarily halted production at the field in March, when a second set of seepage was discovered at the field. While disagreeing with the court's decision relative to Transocean, Chambriard said Chevron could have avoided the accident "if the company had followed ANP's norms for operational safety." In a statement late Thursday, the ANP said it would review the court's decision to determine if it requires any action from the agency. While the injunction could complicate Chevron's efforts to get production at Frade restarted, it would likely have a greater impact on Transocean, which operates 10 drilling rigs in Brazil, including seven for state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR). Transocean also has single rigs leased out to Eni SpA (E, ENI.MI), BP PLC (BP, BP.LN) and Vanco. Write to Paulo Winterstein at paulo.winterstein@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Transocean (RIG)
DateTimeHeadline
04/26/201615:44:31Statement of Changes in Beneficial Ownership (4)
04/21/201618:01:00Transocean Files 8K - Regulation FD
04/21/201617:32:27Current Report Filing (8-k)
04/21/201617:30:19Transocean Ltd. Provides Fleet Status Report
04/21/201617:01:23Additional Proxy Soliciting Materials (definitive) (defa14a)
04/19/201617:52:00Transocean Files 8K - Other Events
04/19/201617:23:06Current Report Filing (8-k)
04/19/201616:21:57Transocean Ltd. Announces Ultra-Deepwater Drillship Delay
04/14/201616:16:23Transocean Ltd. Announces First Quarter 2016 Earnings Release...
04/13/201609:33:00Providence Resources Eyes $7 Million Payment Following Court...
04/13/201609:09:00Providence Resources Eyes $7 Million Payment Following Court...
04/08/201610:34:38Amended Statement of Ownership (sc 13g/a)
03/24/201606:11:45Additional Proxy Soliciting Materials (definitive) (defa14a)
03/21/201615:28:43Current Report Filing (8-k)
03/18/201606:31:54Proxy Statement (definitive) (def 14a)
03/17/201616:16:10Transocean Ltd.'s CEO to Present at Scotia Howard Weil...
03/08/201617:28:57Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/08/201608:51:00Transocean Files 8K - Other Events
03/08/201608:21:35Current Report Filing (8-k)
03/08/201601:00:12Transocean Ltd. Announces High-Specification Jackup Delivery...

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