Transocean lodges appeal at the Federal Court
The world’s largest offshore rig contractor, Transocean, has appealed to Switzerland’s highest tribunal over a decision blocking its payout to shareholders.
The company, based in Zug in central Switzerland, had planned a dividend payout of $1 billion (SFr943,500 million) but the Zug Commercial Court, citing pending litigation relating to the Gulf of Mexico oil spill, rejected the payout in August. The decision was upheld by Zug’s Administrative Court.
Transocean’s Deepwater Horizon rig drilled the well for BP that blew out in April last year, killing 11 people and causing the worst offshore spill in the history of the United States.
The company’s appeal will now be heard at the Federal Court in Lausanne.
The four distributions planned for 2010 and 2011 would have been through a reduction in the par value of Transocean’s stock, now SFr15, which would have allowed shareholders to avoid a Swiss withholding tax of 35 per cent.
Transocean moved its headquarters and corporate home to Switzerland in early 2009 from Houston and the Cayman Islands.
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