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Transocean Chief Executive Hoping for Oil Spill Settlement

Source: AP

Posted on 27 Mar 2012

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The head of Transocean Ltd. says the company is hoping for a comprehensive legal settlement of claims resulting from the BP oil spill.

Transocean chief executive Steve Newman told a conference of investment analysts in New Orleans on Monday that such a settlement would have "to recognize the relationship" between a drilling company and a drilling site operator.

The Swiss company leased the Deepwater Horizon rig to BP to drill a deep-sea well off the Louisiana coast. An April 2010 blowout killed 11 workers and caused the nation's worst offshore oil spill.

Last week, a federal judge dismissed an investors' suit alleging top Transocean executives misled shareholders about safety problems in the months leading up to disaster.