Transocean Ltd. (
) shares are flat in late trade after the company named Ihab Toma
as executive vice president and chief of staff, effective Oct. 1,
2012. John Stobart has been named executive COO, effective October
RIG earlier today announced that the federal court in Rio de
Janeiro served the company with a preliminary injunction requiring
that it cease operations in Brazil within 30 calendar days from the
date of service.
The company said it is vigorously pursuing the overturn or
suspension of the
preliminary injunction, including through an appeal to the
Superior Court of
Justice. Absent relief from the courts, Transocean will be
required to comply
with the preliminary injunction.
Transocean currently has 10 rigs under contract for work in
Brazil, with nine
currently in country, and is evaluating rig contracts and
customers to determine appropriate actions with respect to
operations. For the
six months ended June 30, 2012, the company's operations in
for approximately 11 percent of consolidated operating
RIG closed the regular session down 0.7% at $45.69, moving on
volume of 8.19 mln vs the 30-day avg of 3.91 mln trades in a
52-week range of $38.21 - $60.09. Shares have fallen 12% in the
last 12 months.
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