4 Energy Stock Stories Fueling Monday Investment Chatter

Transocean Ltd. (NYSE:RIG): Closing price $48.37

Transocean says that the ultra-deepwater drillship Dhirubhai Deepwater KG1 has scored a new world record for the deepest water depth by an offshore drilling rig. The rig recently spudded a well in 10,411 feet of water while working for ONGC off the east coast of India. This feat exceeds the firm’s prior world record of 10,385 feet of water, which was set by the same drillship in February while working for ONGC in India.

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RIG

Statoil (NYSE:STO): Closing price $20.76

The oil major has been excoriated by Norway’s Environment Agency for not reporting a leak of pollutive chemicals on the seafloor under its Njord field until over two years after it was discovered. Statoil has found that in excess of about 3,400 tons of chemicals and oily water that were injected into the reservoir of the Norwegian Sea field between 1999 to 2006 spilled onto the seabed from a leakage in an injection well. This follows a study of the seafloor beneath the Njord A platform conducted by the government-owned operator in late 2010 that revealed mounds up to 40 meters in radius and over 2.5 meters high. The subsequent analyses of the formations showed they were filled with a “significant volume of hydrocarbons” that seemed to have leaked from the well, said the agency.

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STO

Petroleo Brasileiro – Petrobras (NYSE:PBR): Closing price $12.14

The Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. announced on Monday that it has won three contracts from Petrobras worth an aggregate of $1.6 billion for the construction and operation of three new-build pipe-lay support vessels. The scope of each of these 5-year contracts, like that of the PLSVs, which Subsea 7 currently operates offshore Brazil, made up of project management, engineering, and installation of flowlines, umbilicals, and equipment provided by Petrobras. The cumulative cost of the three vessels, including inventories, commissioning, and mobilization to Brazil, is roughly $950 million.

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PBR

Eagle Rock Energy Partners (NASDAQ:EROC): Closing price $7.49

On Monday, Eagle Rock announced the successful startup of its previously-reported 60-MMcf/d cryogenic processing facility in Wheeler County, Texas, in the center of the prolific Granite Wash play. Upon completion of the Wheeler Plant, the firm will have over 500 MMcf/d of high efficiency cryogenic processing capacity serving the Granite Wash play. The building of the facilities, associated gathering and pipelines, cost around $65 million.

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EROC

Don’t Miss: Oil Spill Claims Are Continuing to Pour in for BP.

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