A Brazilian court upheld a ruling banning Transocean from operating in the country after a 3,600 barrel oil spill in November 2011. Regulator ANP tried to prevent the ban, which prosecutors sought in order to ensure payment of the $20 billion in damages assessed against Transocean, but the Superior Court of Justice upheld the ruling. The ban is the latest setback for state oil giant Petrobras, which has cited a lack of rigs as the reason it has failed to meet targets over the last decade. Of Transocean's ten offshore rigs, seven are contracted with Petrobras, and the rigs account for 11 percent of Transocean's global revenue. The injunction will go into effect 30 days after the company is served with legal papers." This is very disappointing as we believe the injunction order is unwarranted and is flawed legally and procedurally," said Transocean's chief executive. One analyst said there was a "real risk of downtime" as the company fights the injunction but that Transocean would ultimately likely be successful. For the full story, see http://uk.reuters.com/article/2012/09/12/us-transocean-outlook-idUKBRE88B1IH20120912. Earlier: http://elr.info/international/international-update/brazil-court-denies-chevron-transocean-injunction.