Energy Business Update: Petrobras Helps Transocean, Suntech Loses Listing
The chief executive of Petrobras (NYSE:PBR) says that the company is developing a legal strategy to assist Transocean Ltd. (NYSE:RIG) in overturning an injunction barring it from work in Brazil. The former’s interest in helping Transocean is due to the fact that by itself, Petrobras would have to cease exploration and development in some of its most promising deepwater oil fields; the executive remarked that in such a case, “the impact would be very bad.”
Suntech Power Holdings Co., Ltd. (NYSE:STP) has been told by the New York Stock Exchange that it did not meet the price criteria for continued listing, as the average closing price for its American Depositary Shares was under $1 during a consecutive 30-trading-day period. Under the rules, Suntech has a total of six months to regain compliance.
Chesapeake Energy Corporation (NYSE:CHK) has recruited James Webb as its new, full-time legal counsel, during which time it is on damage control over controversial land deals in Michigan and the personal loans of Chief Executive Aubrey McClendon. There are hopes that Webb, who was a longtime partner in Oklahoma’s biggest law firm, might be able to say ‘no’ to McClendon.
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