New Wave Media

September 18, 2013

Transocean Reach Frade Field Incident Civil Settlement

Transocean Ltd., 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)  have settled the two civil cases arising from the November 2011 and March 2012 Frade field events. The Frade Fields are located offshore Brazil and in the incidents referred to, oil was released into the sea).

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."

Transocean Ltd.BrazilUN Court
In this Oceanographic edition, MTR dives into the Seabed 2030 project with updates on the technology, technique and pace of the collaborative project to map the world’s oceans by 2030.
Read the Magazine Sponsored by

The Mighty Quest to Unveil Our Blue Planet

Marine Technology Magazine Cover May 2023 -

Marine Technology Reporter is the world's largest audited subsea industry publication serving the offshore energy, subsea defense and scientific communities.

Marine Technology ENews subscription

Marine Technology ENews is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for MTR E-news