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Gulf Coast Oil Spill Nets $270 Million for Transocean

Posted by Aaron Dames on May 13, 2010

PressTV reports:
Gulf Oil Spill SourceThe firm that owns the leaking oil rig in the Gulf of Mexico has made a $270 million profit from insurance payouts, despite having caused a massive ecological disaster.

Transocean, the company contracted by BP to drill the well, brought the story to light in a conference call on Monday.

Transocean took out a $560 million insurance policy on its Deepwater Horizon rig, which was greater than the value of the rig itself.

The company has already received a cash payment of $481 million, with the rest due over the next few weeks.

The “accounting gain” arises because the compensation it will be receiving more than covers the $200 million that it has to pay to survivors and their families and for higher insurance costs.

Lamar McKay, the chairman of BP’s US arm, Steve Newman, Transocean’s chief executive, and managers of several other companies involved in the drilling are scheduled to testify in hearings in the US Congress later this week.

Experts believe the total cost of the clean-up and compensation will exceed $30 billion.

Read More: PressTV

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  • http://www.mybabybeddingshop.com/ Glenna Jean

    So Transocean is trying to hide behind an 1851 law that was originally intended to limit liability if they can prove no knowledge of negligence? The blast was the result of a build-up of methane gas. It’s my understanding all oil rigs are required to have gas monitors for precisely this type of build-up? Methinks Transocean is barking up the wrong tree.

  • abemoses

    Steve newman of transocean used a 10 yr old , too- small shut of valve that failed. When did he take out the insurance policy. It reminds one of Silverstein taking out a giant insurance policy just before 911 was destroyed.

  • Anonymous

    Steve newman of transocean used a 10 yr old , too- small shut of valve that failed. When did he take out the insurance policy. It reminds one of Silverstein taking out a giant insurance policy just before 911 was destroyed.

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