Related Stories
Oil drilling rig owner rakes big profit from gulf oil spill
Key Excerpts from Article on Website of The Times (One of the UK's leading newspapers)
Posted: May 24th, 2010
http://business.timesonline.co.uk/tol/business/industry_sect...
The owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270 million profit from insurance payouts for the disaster. The revelation by Transocean, the worlds biggest offshore driller, will add to the political storm over the disaster. The company was hired by BP to drill the well. The accounting gain arose because the $560 million insurance policy Transocean took out on its Deepwater Horizon rig was greater than the value of the rig itself. Transocean has already received a cash payment of $401 million with the rest due in the next few weeks. The windfall, revealed in a conference call with analysts, will more than cover the $200 million that Transocean expects to pay to survivors and their families and for higher insurance costs. The total cost of the clean-up and compensation could reach $30 billion, according to some estimates. Transocean said that virtually all of that must be covered by BP and two smaller partners, Anadarko Petroleum and Mitsui of Japan.
Note: For lots more from major media sources on corporate and government collusion and corruption, click here and here.
Related Stories
Latest News
Key News Articles from Years Past
