Transocean (NYSE:RIG) Talking with Shell (NYSE:RDS-A), Anadarko (NYSE:APC), BHP (NYSE:BHP Over Force Majeure

Transocean (NYSE:RIG), which owned the Deepwater Horizon oil rig which was operated by BP (NYSE:BP) at the time of the explosion in the Gulf of Mexico, is in talks with Shell (NYSE:RDS-A), Anadarko (NYSE:APC), BHP (NYSE:BHP over force majeure, or otherwise known as 'Acts of God,' as the Obama administration refuses to allow any new permits in the region.

Although the Obama administration has dropped the oil moratorium in the Gulf, that was largely symbolic, as they effectively have it in place by not allowing the permits to be approved.

Consequently, Transocean is scrambling to renew force majeure contracts with the companies mentioned above so they aren't cancelled completely. They expired at the end of November.

The companies agreed with Transocean to continue the contracts for a reduced lease rate after the Gulf accident. Together they represented revenue of $1.58 million a day for Transocean.

Force majeure provides an out for a contract if events beyond the control of a company prohibits them from using a rig.

A minimum of five deepwater drilling rigs are going to or have left the Gulf of Mexico since the ban.