Here is an alternative view. Transocean didn't sue last year bcos they knew that it would be extremely difficult to prove to the Court that NXS would be unable to pay them if they had proceeded with the drilling contract.
Since then off course they have lost a motzza and the Deep Water Horizon and BP are squeezing them to contribute to the clean up in the Gulf. So they are now scraping the bottom of the barrel looking for any possibilty of recovering funds to shore up their finances. They will be hoping that they can be of sufficient nuisance value to elicit a settlement of a few mill.
IMO there is no chance that this matter will ever get to a trial bcos the costs for Transocean will outweigh the likely benefits and risks of losing.
ANZ
NXS Price at posting:
32.0¢ Sentiment: Hold Disclosure: Held
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