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Standard oil industry practice suggests that - unless gross negligence can be proved at...

Standard oil industry practice suggests that - unless gross negligence can be proved at Transocean (RIG -0.2%) and Halliburton (HAL -2.7%) -  BP (BP -2%) and Anadarko (APC -1.3%) bear the ultimate liability for clean-up and recovery costs in the Gulf of Mexico, writes David Phillips. Transocean filings point to indemnification from BP regarding subsurface risks related to loss of well control.
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Comments (4)
  • Stockbern
    , contributor
    Comments (6) | Send Message
     
    Didn't anyone watch 60 Minutes last night? There was gross negligence on both BP and RIG
    17 May 2010, 11:51 AM Reply Like
  • dukeduke
    , contributor
    Comments (15) | Send Message
     
    I missed 60 minutes last night. How's RIG liable for the incident? I want to know. I do feel that RIG's legal maneuver will not get much farther with everyone so upset with the disaster. Did you know RIG was an American company until they decided to get around the IRS by moving head quarter to Sweden where corporate taxes are low? They invoke the 1800 maritime law to limit their liability, but the time has change and oil companies are drilling deeper and drawing much higher capacity. Plus, they forgot to account for inflation with the liability cap.. 100 years ago $1 is worth a lot more in today's money. So, RIG is not getting away with it this time. I hope they are made accountable for every damages they caused. If Transocean didn't lease the rig to BP to drill at 5000 feet depth; who knows, this accident might not have happened.
    6 Jun 2010, 08:33 PM Reply Like
  • dukeduke
    , contributor
    Comments (15) | Send Message
     
    BP still has a revenue stream and, at most, the spill will cost it 1 yr of profit. RIG relies on offshore drilling, liability cap removed will leave many not signing contracts for drilling in the coming months. Plus, RIG is being slapped with human loss lawsuits and a furious jury can hit them hard in their pocketbook. RIG is the largest offshore drilling company and will suffer as future drilling stalls.
    18 May 2010, 07:44 PM Reply Like
  • rgbro
    , contributor
    Comments (2) | Send Message
     
    it sounds to me that the brunk of the costs should fall on BP
    in their rush to speed up drilling they compermised safety.
    they seem to have a history of doing just that.
    19 May 2010, 09:56 AM Reply Like
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