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Alias Born | 03/08/2017 |
Thursday, March 16, 2017 5:00:29 PM
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.
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