Monday, May 17, 2010

BP Finger-Points Blame on Transocean

Although the investigation into the oil spill disaster in the Gulf of Mexico is still in the early stages, standard industry practice is such that unless BP can prove gross negligence by Transocean (RIG-$66.10), it and minority interest-holder Anadarko Petroleum bear ultimate liability for clean-up and recovery costs for the environmental damage resulting from the spill, not to mention likely punitive damage payments to all affected parties, such as fishery and tourism industries.

In predictable fashion, the finger pointing has already begun.
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Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

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