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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The Trump administration is allowing construction to resume on a $5 billion wind farm off Long Island after reaching a deal with New York Governor Kathy Hochul that could allow new natural gas pipelines to be built in the state.
The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has lifted the stop work order on the Empire Wind project, allowing construction activities to resume after a month-long...
The EU will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said on Monday.
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