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Investing

Transocean Gets Favorable Ruling in Gulf Disaster (RIG, BP)

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By Paul Ausick Published
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A federal judge in New Orleans has ruled that Transocean Ltd. (NYSE: RIG) is indemnified from paying compensatory damages related to the explosion and sinking of its Deepwater Horizon platform that killed 11 workers and spewed 5 million barrels of oil into the Gulf of Mexico. Transocean has claimed that the well’s owner, BP plc (NYSE: BP) has sole responsibility for the disaster.

The ruling did not give Transocean everything it sought, however. The company remains liable for punitive damages and civil fines and penalties related to violating the federal Clean Water Act.

In after-hours trading last night, Transocean gained more than 6% to $50.28. The company’s shares traded above $90 in early April 2010, before the explosion. BP traded lower after-hours, by about -1.4% at $44.18.

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Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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