Diamond Offshore Drilling Inc (DO)

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Diamond Offshore wins favorable ruling vs. Petrobras in Brazilian court
Diamond Offshore Drilling (DO +1.2%) is higher after disclosing a favorable appeal court ruling in Brazil upholding a lower court decision barring Petrobras (PBR -2%) from unilaterally terminating its contract with the company.
DO filed suit last August after PBR terminated a drilling contract for the Ocean Valor drilling rig more than two years ahead of its scheduled October 2018 expiration; in September, a Brazilian court issued a preliminary injunction suspending PBR's action and ordering the contract to remain in effect until the end of its term.