Wednesday, November 02, 2011
Transocean Seeks Indeminity From BP on Gulf Spill
BP has set aside about $41 billion to pay for environmental cleanup, compensation and penalties, but is seeking to get others involved in the spill to share the costs. Earlier this year, it sued Transocean, seeking $40 billion in damages, and has sued Halliburton Co., which also performed work on the doomed well. The suit against Halliburton is also still pending.
Transocean says contractors would be unable to get insurance if BP's legal effort prevails. The result, it says, would "devastate the industry" and force companies to stop working on offshore wells. BP disagrees and says the extraordinary circumstances surrounding this well wouldn't affect broader working ties.
BP has managed to get its equity partners in the well, Anadarko Petroleum Corp. and Mitsui & Co., to pay $5.1 billion for their share in costs. These companies dropped their lawsuits against each other after reaching these settlements. (WSJ, 1/2/2011, Photo Courtesy AP)