The Disclosure Sleight-of-Hand Buried in Transocean’s Filings

Disclosure Games®

Our research suggests Transocean is playing Disclosure Games regarding an undisclosed SEC investigation.

 “Disclosure Games®” is a trademarked term we use to highlight those public companies engaging in disclosure practices that in our opinion may be misleading, confusing, evasive, or otherwise lacking the transparency needed for investors to make well-informed investment decisions regarding a potentially material exposure. 

Analyst Summary:  In its most recent 10-K filed 25-Feb-2016, as well as the most recent 10-Q filed 03-Aug-2016, Transocean gives a good amount of airtime to a criminal investigation in Brazil that led to an internal investigation regarding statements made by a former Petrobras employee.  This led to the company having “… voluntarily met with governmental authorities in the U.S. to discuss the statements made by the former Petrobras employee and our internal investigation as well as our findings.”

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