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Preliminary Injunction Order Partially Suspended

Source: www.gulfoilandgas.com 10/1/2012, Location: South America

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Transocean Ltd announced that on September 28, 2012, Brazilian Superior Court of Justice President, Minister Felix Fischer granted the request of the ANP, the Brazilian oil regulatory agency, and partially suspended the preliminary injunction order that required Transocean to stop operating in Brazil within 30 days. As a result of Justice Fischer's decision, Transocean is permitted to continue to operate its rigs in all fields offshore Brazil, with the exception of the Campo de Frade field. Transocean currently has 10 rigs under contract in Brazil; nine of which are currently assigned to work for customers in other fields.

This Superior Court decision was announced one day after Transocean had been served with the preliminary injunction order. The company experienced no interruption of contract revenue from its operations in Brazil which, for the six months ended June 30, 2012, comprised approximately 11 percent of its consolidated operating revenues. The company continues to vigorously pursue all legal avenues to ensure complete resolution of litigation against it in Brazil, including restrictions related to its operations in the Campo de Frade field.

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