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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
03/26/201520:25:255 Basic Materials Dogs Mark 25.89% Edge Over March Top Ten
03/26/201516:36:44Additional Proxy Soliciting Materials (definitive) (defa14a)
03/25/201507:49:42Short-Term Pain Will Be Long-Term Gain For Offshore Drillers
03/24/201504:01:21How To Make Relatively Risk-Free Money From Beaten Offshore Drillers
03/24/201502:57:13Shake Shack Shares Persist On The Hard To Borrow List
03/23/201518:08:29Finding Safe Dividends In The Unloved Contract Drilling Services...
03/23/201516:47:27Transocean Files 8K - Other Events
03/23/201516:17:59Current Report Filing (8-k)
03/23/201516:16:40Proxy Statement (definitive) (def 14a)
03/23/201513:04:59Amended Statement of Ownership (sc 13g/a)
03/21/201513:08:06Transocean - Rig Moves Aren't Enough
03/20/201500:05:40Investing In Transocean Is Not For The Faint At Heart Right Now
03/19/201516:47:45MARKET SNAPSHOT: U.S. Stocks End Lower, Giving Back Some Fed-fueled...
03/19/201516:08:04MARKET SNAPSHOT: Dow, S&P Erase Some Fed-fueled Gains, But Nasdaq...
03/19/201511:00:06Is Ensco plc Stock a Buy?
03/19/201506:42:37Transocean Ltd. - Complete Fleet Analysis As Of March 18 And...
03/19/201506:30:42Wall Street Breakfast: Investors Digest Fed's 'Patient-less...
03/19/201503:29:14Transocean to book charge from rig disposal
03/19/201501:07:27Transocean: A Fleet Update Summary I Was Hoping To See
03/18/201520:04:18Offshore Drilling Stocks Surge Late on Wednesday

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