Transocean Appoints EVPs, Chief Positions; Earlier Ordered to Cease Brazilian Operations - Shares Flat Post-Close


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Transocean Ltd. ( RIG ) 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 1, 2012.

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 collaborating with

customers to determine appropriate actions with respect to operations. For the

six months ended June 30, 2012, the company's operations in Brazil accounted

for approximately 11 percent of consolidated operating revenues.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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