Failure to Cap Well; Failure to Cap Liabilities

Transocean, the Swiss corporation that owned and operated the Deepwater Horizon drilling rig, tried to limit its Gulf oil spill liability to $27 million, citing a U.S. law from 1851. The Justice Department objected, and lawyers for families of Deepwater victims agree. The oil drilling company changed its position.

Transocean actually made money from the loss of the oil rig, which was insured for $270 million in excess of its actual value. The corporation will  also distribute $1 billion in dividends to its shareholders this year. Families of Transocean employees killed and injured in the Deepwater explosion still await compensation.

 

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Tags: Deepwater, Deepwater Horizon, Gulf oil spill, insurance, liability, maritime law, oil spill, Transocean