Offshore Petroleum

Transocean counter sues BP, among others, over oil spill liabilities (1:17)

As the legal battle over the offshore drilling disaster in the Gulf of Mexico continues to expand, Transocean said today it has filed cross claims against BP and other entities involved in last year's spill. Yesterday BP filed suit against Transocean, which owned and operated the Deepwater Horizon offshore drilling rig, and Cameron International, which manufactured a critical safety device intended to shut down the well in an emergency. BP also filed suit against Halliburton, accusing that company of concealing information about its cement slurry that could have prevented the disaster The claims were filed in federal court in New Orleans. The BP suit said that Transocean is responsible for the failures of safety devices and control procedures and is seeking at least $40 billion in damages. Transocean said in its suit that BP agreed to assume full responsibility for any "loss, expense, claim, fine, penalty or liability" for pollution or contamination in the drilling contract the two companies signed.
Shares of Transocean are trading down 1.39%.

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Citation

Wang, M. (2011). Transocean counter sues BP, among others, over oil spill liabilities (1:17). Retrieved from http://www.eoearth.org/view/video/51cbf16a7896bb431f6a5712

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