Swiss court nixes Transocean’s plan to pay $1 bln in dividends; offshore driller plans appeal

Swiss court rejects Transocean’s dividend plan

NEW YORK — Transocean says a Swiss regulatory body has rejected its plan to pay shareholders a dividend of 82 cents per share because of pending litigation over the Gulf oil spill.

Transocean Ltd. leased BP PLC the Deepwater Horizon oil rig that exploded on April 20, killing 11 workers. The rig sank two days later, setting off an oil spill that caused economic and environmental damage along the Gulf Coast estimated in the billions of dollars.

Transocean, BP and others face hundreds of lawsuits over the spill. Some have been served against Transocean in Switzerland.

Transocean had planned to pay out about $1 billion to shareholders in four installments this year and next.

The company, based in Zug, Switzerland, plans to appeal the decision of the Zug Commercial Register.