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