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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