Brazil suspension of Transocean ban not surprising
RIO DE JANEIRO -- Brazil's partial suspension of an operating ban on drill rig operator Transocean was not surprising, says Wells Fargo. The injunction was partially lifted and announced by the company. "We felt that the punishment of a full injunction against Transocean was too heavy handed," firm says. Bank estimates ban would have cost Transocean $3.15 mpd in lost rig revenue. One Chevron leased Brazil rig remains idled because of ban, but Wells Fargo says Chevron could move rig out of Brazil or sublet it to Petrobras to circumvent ban.
Dow Jones Newswires