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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
09/03/201517:54:25Statement of Changes in Beneficial Ownership (4)
09/03/201516:19:55Current Report Filing (8-k)
09/03/201516:17:01Transocean Ltd. Announces Departure of General Counsel
08/26/201516:23:29Transocean Ltd. To Present At Barclays CEO Energy-Power Conference
08/26/201516:17:04Initial Statement of Beneficial Ownership (3)
08/25/201517:50:00Transocean Seeks to Cancel Two Dividend Payments
08/25/201517:47:00Transocean Seeks to Cancel Two Dividend Payments
08/25/201516:20:51Current Report Filing (8-k)
08/25/201516:17:25Transocean Ltd. Announces Extraordinary General Meeting
08/24/201510:10:00Icahn Gets Board Seats From Cheniere
08/24/201509:59:00Icahn Gets Board Seats From Cheniere
08/19/201518:45:06Transocean Ltd. Provides Fleet Update Summary
08/19/201513:32:47Initial Statement of Beneficial Ownership (3)
08/19/201513:32:47Statement of Changes in Beneficial Ownership (4)
08/14/201516:45:57Current Report Filing (8-k)
08/14/201516:38:07Transocean Ltd. Announces Schedule For Second Dividend Installment...
08/06/201516:20:38Current Report Filing (8-k)
08/06/201509:51:08U.S. Hot Stocks: Hot Stocks to Watch
08/05/201519:30:22Transocean Profit Narrows Sharply
08/05/201519:19:40Transocean Profit Narrows Sharply on Nearly $800 Million in Charges

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