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Starfirenv (< 20)

Transocean Banked $270 Million in Profit From The Oil Rig Explosion

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May 28, 2010 – Comments (7)

From wallstcheatsheet.com.- Transocean walked away from the mess with over a quarter billion dollars because they insured Deepwater Horizon for well above book value. How did we come across such scathing confidential information? The company executives proudly assuaged investors’ fears by announcing the good news during Transocean’s recent quarterly earnings conference call. Here’s the fun bit:

"In the current quarter we expect to receive approximately $560 million in insurance proceeds and the code and accounting gain of approximately $270 million for the total loss of the rig. Of the $560 million in expected insurance proceeds we have already received $481 million including amounts received today."

http://wallstcheatsheet.com/breaking-news/outrageous-but-legal-transocean-banked-270-million-in-profit-on-the-oil-rig-explosion/?p=12037/&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wallstcheatsheet+%28Wall+St.+Cheat+Sheet%29

7 Comments – Post Your Own

#1) On May 28, 2010 at 9:18 PM, blesto (32.17) wrote:

Yeah, and how much of it will go to lawyers and court costs?

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#2) On May 29, 2010 at 12:44 AM, blake303 (29.16) wrote:

Insurance proceeds on a lost deepwater rig - $560 million

Contingent liabilities - Priceless 

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#3) On May 29, 2010 at 6:14 AM, ralphmachio (24.95) wrote:

Insustainable. There is nothing left but the loophole.Gotta love a country or system that rewards failure so generously, or did they take out a larger than average policy because they expected problems dealing with BP? 

So if I just landed here from another planet, it might make sense to get into the oil business just so that we could fail big once, and reap the insurance rewards. Insurance? WTF? Explain that to the fish, birds, and dead workers.  

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#4) On May 29, 2010 at 4:29 PM, JaysRage (89.01) wrote:

They are gonna get crushed in litigation.    There is no way that they make it out of this one untouched or at a +

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#5) On May 30, 2010 at 1:39 PM, TMFCrocoStimpy (95.70) wrote:

I'd like to know who insured them, and if we (as tax payers) are once again ultimately backstopping the insurance company that is paying that out.....

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#6) On June 01, 2010 at 6:58 PM, smartmuffin (< 20) wrote:

If you insured your home for twice it's value, then it later was found burned down, wouldn't someone be interested in that?  Crazy conspiracy theory, or basic common sense?  In that case, I wouldn't be wasting my time with safety protocols either..

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#7) On June 01, 2010 at 7:07 PM, ragedmaximus (< 20) wrote:

with falling oil prices overstock and competition a disaster is a win win for them with less drilling because of regulations and thus an increase in demand and price because of a decreased supply thus multiplying current supply 10 times it was a spill could be a relative small price to pay for bp with the future potential profits,this oil spill is in essence the oil industry bail out for future price hikes that may now be charting up like gold has over the decades.just food for thought and i love conspiracy theories!

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