What Spill? Rig Owner Transocean Approves $1 Billion Payday to Shareholders

Great timing, folks. Does Transocean have a PR department? Excellent report from John Byrne on RAW Story:

Five days after appearing before Congress to testify about its responsibility in one of the worst oil spills in US history, the Swiss company that owned and operated the oil rig that sunk into the Gulf of Mexico announced that it would shell out $1 billion in dividends to shareholders.

The revelation that Transocean is distributing a $1 billion profit to shareholders as one of its drill sites leaks millions of gallons of oil into the sea is sure to inflame an already smarting debate over offshore drilling and the company’s role.

Transocean has passionately argued that they don’t share financial responsibility for the disaster. A clause in a contract they had with BP says that the oil company is obligated to pay for any environmental damage, even though Transocean actually owned the rig. BP was leasing the rig from Transocean at the time of the accident.

Read More: RAW Story

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  • CC

    Oil is profitable. Duh.

  • CC

    Oil is profitable. Duh.

More in Capitalism, Corporation Watch, Ecology, Environment, Gulf Coast Oil Spill, Oil, Plunder, Transocean, Wall Street
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