Transocean Reports Settlement of Two Frade Civil Cases
Transocean Ltd. (NYSE: RIG), along with Chevron, the Brazilian Federal Prosecutor's Office, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) and Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (IBAMA) today announced a settlement resolving the two civil cases arising from the November 2011 and March 2012 Frade field events. The agreement effectively releases Transocean, without a finding of fault or liability, from the two civil lawsuits in which it is named. Further, Transocean has no financial obligations under the settlement agreement. Upon its approval by the court, the settlement terms will be binding on all parties and the two civil lawsuits will be dismissed. In February, the court rejected all criminal indictment recommendations related to Transocean and its employees.
"We are pleased to announce this settlement, a very favorable resolution resulting from hard work of all the parties involved," said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. "Transocean has operated in Brazil for nearly 50 years, and this agreement among Chevron, Transocean and the Brazilian authorities removes any remaining uncertainty about our ability and commitment to continue working safely and responsibly offshore Brazil."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.