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Transocean received favorable Norwegian District Court Ruling


Published Jul 4, 2014
Transocean Ltd.

Transocean Ltd. says 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 June 2011, Norwegian authorities issued criminal charges against two of the Company's subsidiaries alleging misleading or incomplete disclosures in, as well as inaccuracies in, Norwegian statutory financial statements for the years ended December 31, 1996 through 2001. Another subsidiary was charged at a later stage. In addition to the criminal charges, the Norwegian authorities asserted financial claims of NOK 1.8 billion, equivalent to approximately $302 million, jointly and severally, against one of the Company's subsidiaries, two external tax attorneys and an external tax advisor, plus criminal fines and interest.

Tags: Transocean Ltd.




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