HOUSTON–Transocean Ltd. (RIG, RIGN.VX) is making progress towards a settlement in the Deepwater Horizon case, Chief Executive Steve Newman said Thursday.
Transocean owned and operated the drilling rig that exploded in the Gulf of Mexico in April 2010, killing 11 people and sending massive amounts of crude oil into the U.S. Gulf of Mexico. The rig was leased by BP PLC (BP, BP.LN).
A trial at a federal court in New Orleans is scheduled for January and “we are well prepared to defend the company in court if necessary,” Mr. Newman said during a conference call to discuss the company’s earnings. “At the same time, we continue to explore the possibility of a resolution.”
When the company disclosed its earnings results late Wednesday, it said it set aside an additional $750 million in estimated loss contingency for Deepwater Horizon-related expenses, an amount that Mr. Newman said “reflects our efforts in this regard.” Analysts with Tudor, Pickering, Holt & Co. said the Deepwater Horizon contingency estimates now total $1.95 billion.
Mr. Newman said he believes “we are making progress” in the negotiations.
The executive added that contract terms continue to improve for the company’s deep-water rigs, in the midst of strong demand for offshore drilling equipment.
A Transocean executive said out-of-service days for the company’s fleet, which have pressured earnings in recent quarters, are expected to reach a low level in the third quarter.
April 19 (Reuters) – A New York state agency on Friday said it had failed to reach final contract agreements with the developers of three major offshore wind projects, blaming a decision by General...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1341
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.