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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
04/17/201511:25:01Transocean LTD Given a $12.00 Price Target by Credit Suisse Group...
04/16/201516:56:36Transocean Files 8K - Material Impairments
04/16/201516:56:36Transocean Files 8K - Regulation FD
04/16/201516:27:21Current Report Filing (8-k)
04/16/201516:20:55Transocean Ltd. Provides Fleet Status Report
04/16/201511:25:55Transocean Files 8K - Changes Executive Management
04/16/201510:56:29Current Report Filing (8-k)
04/15/201516:11:03Is Now Finally the Time to Buy Offshore Drillers?
04/15/201510:11:48Transocean LTD Rating Reiterated by Susquehanna (RIG)
04/13/201508:17:02Why Transocean LTDâs Stock Dropped 11% in March
04/07/201508:56:02Offshore Drilling: These Rig Companies Could Be Takeover Candidates
04/06/201517:12:16What Fueled Todayâs Massive Move in Oil Stocks?
04/06/201517:10:30MARKET SNAPSHOT: Stocks End Higher As Jobs Report Seen Delaying...
04/06/201517:05:30MARKET SNAPSHOT: Stocks End Higher As Jobs Report Seen Delaying...
04/06/201515:59:11MARKET SNAPSHOT: Stocks Rally As Jobs Report Seen Delaying Rate...
04/06/201515:56:42MARKET SNAPSHOT: Stocks Rally As Jobs Report Seen Delaying Rate...
04/06/201515:41:16MARKET SNAPSHOT: Stocks Rally As Jobs Report Seen Delaying Rate...
04/05/201523:11:07Transocean Will Scrap 18 Floaters - Will It Make A Difference?
04/04/201512:57:10Transocean Receives A Head-Scratching Upgrade
04/04/201505:30:00Transocean: Bad Management, Meet Tough Industry

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