Transocean Owes $473M In Back Taxes, US Says

Law360, New York (February 29, 2012, 9:10 PM EST) -- Transocean Ltd. may be hit with a $473 million bill for back taxes in the U.S. for 2008 and 2009, the offshore drilling giant said in a regulatory filing on Monday.

The Swiss company received an assessment from U.S. tax authorities earlier this month claiming that Transocean owes another $473 million, excluding interest, according to Transocean's annual report filed with the U.S. Securities and Exchange Commission.

The assessment raised issues relating to transfer pricing for charters of drilling rigs between Transocean subsidiaries and the creation of...
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