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U.S. District Judge Carl Barbier ruled yesterday that Transocean’s contract with BP, while drilling the Macondo Well, shielded Transocean from any pollution-related claims resulting from the largest accidental oil spill in the history of the world.

This is good news for Transocean investors who have recently seen the value of Transocean (NYSE:RIG) stock plummet to levels not seen since the immediate wake of the Deepwater Horizon disaster.

Transocean’s stock is currently up over 6% in pre-market trading.

This ruling does not, however, indemnify Transocean from paying civil penalties or punitive damages.   A trial on the spill is set for next month.

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