Join our crew and become one of the 104,408 members that receive our newsletter.

transocean

US District Judge Rules in Transocean’s Favor, Could be a Big Day for NYSE:RIG

Rob Almeida
Total Views: 1
January 27, 2012

transoceanU.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.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,408 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.