10:20 EDT 24 October - Transocean (RIG) General Counsel Nick Deeming resigning is “not a welcome headline” in light of ongoing legal issues at the drilling contractor, says Simmons & Co. It owned the Deepwater Horizon rig which was rocked by explosions in the Gulf of Mexico 2 1/2 years ago, and a civil trial related to the subsequent major spill is slated to begin in January. Meanwhile, RIG faces ongoing legal issues in Brazil stemming from a 2011 oil spill in a field it was working on for Chevron (CVX). RIG is down 1% at $47.19.
[I]- Alison Sider, Dow Jones & Company[/I]