Transocean, Chevron Says Brazilian Court Drops Criminal Oil Spill Charges

Reuters reported that a Brazilian judge has dropped the criminal charges lodged against Transocean Ltd and Chevron Corp, along with 17 of their employees in relation to the 2011 offshore oil spill.

As quoted in the market news:

The criminal case, and a civil suit seeking as much as 40 billion reais ($20.4 billion) in damages, have cast a chill over Brazil’s oil industry. The criminal suit carried penalties of up to 31 years. The civil case still open is Brazil’s largest-ever environmental lawsuit.

Click here to read the full Reuters report.