Transocean (RIG +6.3%) says its contract with BP (BP +2.7%) protects it against fines and...

|About: BP p.l.c. (BP)|By:, SA News Editor

Transocean (RIG +6.3%) says its contract with BP (BP +2.7%) protects it against fines and penalties related to the Deepwater Horizon incident, and that BP had agreed to shoulder much of the legal burden under the contract. Shares spike, shaking off a NYT story scrutinizing the company's safety record.