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Will Transocean Take Responsibility for Gulf Oil Spill?

July 01, 2011 – Comments (2) | RELATED TICKERS: RIG , BP

Keeping with the topic of Transocean, let’s look at their involvement with the Gulf oil spill. Yes, Transocean is a great investment when you look at the numbers, but if you are one of those investors who tend to morally invest themselves in their financial investments, this may be a good post for you. As you probably know, Transocean was working alongside BP when the Gulf spill occurred. Are they working with BP to fix it? The Trefis Team tells us whats really going on…

"BP’s plans to get other parties involved in the Deepwater Horizon project also to pay up was sidelined whenTransocean reported that BP is to blame for the largest oil-spill in history. [1] Transocean was the owner and operator of the doomed oil rig in April 2010 that spewed nearly 5 million barrels of oil into the Gulf of Mexico. The two companies are already in a legal tussle over responsibility for the accident….

…Transocean’s report states that BP used a poor well design, and did not assess the risks associated with the well properly – which led to the accident. The company also claims that BP failed to communicate the potential dangers with the well to them."