Transocean's Questionable Role in Myanmar, Iran, Syria

Transocean, little-known in the U.S. outside the energy industry, is well-known around the world for testing legal limits. The offshore drilling company has received criticism for its role in a Myanmar drilling project that included a deal with a company suspected of laundering money for that country’s brutal government—one that is under U.S. sanctions. Transocean has dealt with two state sponsors of terrorism—it owned a stake in a company doing business in Syria until last year and used a forwarder to ship drilling equipment through Iran. Norway is investigating the company for tax fraud, charges that could bring Transocean $840 million in taxes and fines, it says. And of course, there have been accidents: eight people died off the Scotland coast when a ship capsized. Congress may investigate whether the company used Switzerland as its corporate HQ to exploit the U.S. tax code. Transocean owned the Deepwater Horizon, the oil rig that exploded in the Gulf of Mexico, and leased it to BP. In the wake of the massive oil spill, Transocean’s dealings are being scrutinized, though the company blames BP for the rig explosion that caused the disaster.