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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
07/17/201402:07:53Transocean Files 8K - Regulation FD
07/15/201416:49:41Transocean Files 8K - Other Events
07/02/201416:41:26Transocean Files 8K - Entry Into Definitive Agreement
07/02/201416:41:26Transocean Files 8K - Termination Of Definitive Agreement
07/02/201416:41:26Transocean Files 8K - Direct Or Off-Balance Sheet Financial Obligation
06/05/201421:12:20Investigators Fault Blowout Preventer in Deepwater Horizon Oil...
05/19/201417:10:15Transocean Files 8K - Changes Executive Management
05/19/201417:10:15Transocean Files 8K - Changes To Articles
05/08/201411:19:52Correction to Wednesday's Transocean Earnings Story
05/08/201409:51:13U.S. Hot Stocks: Hot Stocks to Watch
05/05/201419:17:39Transocean Ltd to Spin Off 8 Drilling Rigs Into New Company
02/27/201413:13:06MARKET SNAPSHOT: U.S. Stocks Rise; S&P 500 Eyes 1,850 Record
02/27/201410:58:13MARKET SNAPSHOT: U.S. Stocks Volatile; Yellen Speaks Before Senate
02/27/201409:36:24Hot Stocks: Hot Stocks to Watch
02/26/201419:17:10Sembcorp Marine Gets $1.08 Billion in Contracts from Transocean...
02/26/201418:40:02Transocean 4th-Quarter Net Down 49% on Higher Costs
11/15/201309:19:39Omega Advisors 3Q 13F: Largest Purchases
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-

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