Wednesday, June 16, 2010

Energy-Transocean rejects Anadarko claim of force majeure


· Transocean rejects Anadarko claim of force majeure – RIG rejected a claim of force majeure by APC on a deepwater rig in the Gulf due to the drilling moratorium. RIG said contracts varied in treatment of the force majeure event and has indicated several other companies might declare it, but they are pushing back against this trend. Reuters

· RIG – Barron’s Weekday Trader is positive on three convertible bonds issued by the company. Barron’s

· UK can purge all carbon emissions by 2030 – Britain’s Centre for Alternative Technology said it can eliminate all its carbon emissions by 2030 by overhauling its power supply and transport. Reuters

· Drummond coal workers in Colombia avoid strike – Workers at Drummond’s operations in Colombia have inked a three-year deal to avoid a strike at the country’s second largest coal exporter. Reuters

· India NTPC may buy stake in Australian coal mines – The Indian utility firm is looking to buy stakes in coal mines in Australia, citing proficient assets of black coal and good port infrastructure. Reuters

· Feds contradictory on mine recommendations, Massey says – Massey Energy said that mine safety regulators new of cracks in the mine floor years earlier and made conflicting recommendations to prevent deadly methane gas leaks. Reuters

· Statoil declares force majeure on Maersk rig job – The Danish shipping group Maersk said that Statoil declared force majeure on a contract on one of its oil rigs in the Gulf. Reuters

· SUN - Board of Directors has authorized a plan to separate SunCoke Energy from the remainder of Sunoco as part of a strategy designed to unlock shareholder value. The Company also announced that it anticipates its Refining segment to report a profit for the quarter ending June 30, 2010.

· Oil tops $77, tracks rising equities, risk appetite – Oil touched $77 on Wednesday, its highest level since mid-May as investors risk appetite begins to return on easing concerns in Europe’s economy. Reuters

· PDE addresses drilling moratorium – In an 8-K, PDE said if BP E&P is unable to begin drilling operations with the Deep Ocean Ascension it would either operate the rig under the conditions permitted by the moratorium, move the rig outside of the Gulf of Mexico, or pay the contractual standby rate. If BP terminates the contract it would be required to make a make-whole payment that approximates the present value of the cash margin that would have been earned over the life of the contract.

· GKN eyes growth in offshore wind, high-speed rail – The British airplane parts maker is set to tap into the high-speed rail and wind power market with a reorganized Land Systems division. The move could double revenues over the next five years. Reuters

· VQ initiated outperform at BMO Capital

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