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News Breaks
July 2, 2014
11:56 EDTRIGTransocean announces favorable Norwegian district court ruling
Transocean announced that the District Court in Oslo, Norway ruled in a criminal case relating to criminal charges issued by Norwegian authorities against three of the company's subsidiaries for Norwegian tax returns filed for the years 1999 through 2002. In addition to the criminal charges, the Norwegian authorities asserted financial claims of NOK 1.8B, equivalent to approximately $302M, jointly and severally, against one of the company's subsidiaries, two external tax attorneys and an external tax advisor, plus criminal fines and interest. The District Court acquitted all defendants of all charges and the Prosecution Authorities have 14 days from receipt of the ruling to appeal the same, the company said. Separately, on June 26, the District Court in Oslo, Norway issued its ruling in a civil dispute over a related tax assessment of NOK 412M, equivalent to $68M, levied against an affiliate of the company. While waiving all interest and penalties, the Court concluded that the Transocean affiliate owes the associated tax assessments. The company is currently evaluating these decisions and will take action, as necessary, to continue to support its position that its Norwegian tax returns are materially correct as filed, Transocean said.
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July 15, 2014
10:00 EDTRIGOn The Fly: Analyst Upgrade Summary
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06:41 EDTRIGTransocean upgraded to Market Perform from Underperform at BMO Capital
BMO upgraded the offshore drillers to Market Perform from Underperform citing valuation, reduced expectations, and a slow resumption in activity. Price target raised to $43 from $36.

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