A U.S. appeals court on March 28 supported a lower court’s finding that Italian oil producer Eni SpA breached a contract with offshore drilling contractor Transocean Ltd., but voided a $160 million damages award.
A three-judge panel found the lower court miscalculated damages because it used a standby rate to determine what Eni would have paid Transocean to complete the contract. It sent the damages decision back to the District Court to recalculate damages based on what work the rig could have performed.
Transocean declined to comment on the ruling. Eni could not be reached for comment outside of normal business hours.
Grizzly Energy retained EnergyNet for the sale of Oklahoma and Texas properties through multiple auctions ending April 22.
Tracker Lario Utica and TLU Royalty Holdings retained EnergyNet for the sale of a nonoperated stake in producing Utica Shale assets in Ohio through an auction.
Here’s a snapshot of energy deals from the past week including a multibillion-dollar JV in the Permian Basin’s Wolfcamp Shale plus a series of A&D transactions from Archrock.