Transocean (RIG) Charged by Regulators Over 2019 Rig Incident

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The Canadian offshore watchdog — Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) — has laid a couple of charges against the American offshore driller — Transocean RIG — in relation to an incident on one of its rigs back in 2019 in which a worker was injured.

The accident, which could have been fatal, occurred on Sep 6, 2019. The workers were preparing the rig for severe weather and one of them was caught between a rail and a 1,400-kilogram steel adapter during crane operations. An investigation was prompted immediately after the incident and operations on the rig were allowed to recommence the following month.

Per the regulator, both charges relate to contraventions of the Canada-Newfoundland and Labrador Offshore Marine Installations and Structures Occupational Health and Safety (OHS) Transitional Regulations.

The C-NLOPB stated that Transocean had failed to ensure a crane was operated in accordance with occupational health and safety regulations and had permitted an employee working as a signaller to perform other work while a crane was in motion.

The Vernier, Switzerland-based company’s first appearance is scheduled for Oct 12, 2022, at Provincial Court in St. John’s.  The C-NLOPB denied commenting on the incident any further since the matter is now sub judice.

Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.

Transocean currently has a Zacks Rank #3 (Hold). Some other top-ranked stocks from the energy space that warrant a look include Phillips 66 PSX, Gulfport Energy GPOR and Liberty Energy LBRT each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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The Zacks Consensus Estimate for Gulfport’s 2022 earnings has been revised about 10.8% upward over the past 60 days from $19.88 to $22.03.

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