Transocean trys to Limit Liability after Moody's Downgrade

[Jones Act]

HOUSTON, TX – The U.S. Coast Guard hearings into the Deepwater Horizon disaster is scheduled to resume on Monday, August 23, 2010 in Houston, Texas. The timing of these hearings is not good for Transocean, the owner of the ill fated rig that exploded and sank in the worst environmental disaster in U.S. history. On August 18, 2010, Moody’s Investors Service downgraded Transocean’s credit rating because Transocean faces laibility for the recent oil spill in the Gulf of Mexico. This information was published in an article in Bloomberg Businessweek. We believe that this is due in no small part to the recent facts coming to light about an incident that occurred in the North Sea in December 2009 where a Transocean drilling rig experienced an oil well blowout under eerily similar circumstances. Read Full Story.