Tag Archives | Transocean

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:
TransoceanMoney

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.

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Bayou Fisherman: Oil Execs “Should Be Treated Like Terrorists”

BP Sucks

Photo: Jason Reed

Jon Bowermaster writes on TakePart:

BARATARIA, Louisiana— It is the perfect blue sky, humidity-free spring day in bayou country that makes you feel like everything should be all right in the world.

The intercoastal waterway leading to the Gulf of Mexico is calm, the canals that host fishing boats behind each neat suburban home reflect the midday sun, and a cool breeze washes away extraneous sounds and smells.

But despite the bucolic day, fisherman Mike Roberts is angry. “Osama bin Laden couldn’t have done a better job of destroying a part of the American economy. This oil spill? It’s like the ultimate act of terrorism. And these guys should be treated like terrorists.”

The guys he’s referring to: BP and Transocean executives, and the Mineral Management Service, the federal agency that was supposed to police the oil companies but appears to have been very cozy with the industry instead.

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Gulf Coast Oil Spill Nets $270 Million for Transocean

PressTV reports:
Gulf Oil Spill SourceThe firm that owns the leaking oil rig in the Gulf of Mexico has made a $270 million profit from insurance payouts, despite having caused a massive ecological disaster.

Transocean, the company contracted by BP to drill the well, brought the story to light in a conference call on Monday.

Transocean took out a $560 million insurance policy on its Deepwater Horizon rig, which was greater than the value of the rig itself.

The company has already received a cash payment of $481 million, with the rest due over the next few weeks.

The “accounting gain” arises because the compensation it will be receiving more than covers the $200 million that it has to pay to survivors and their families and for higher insurance costs.

Lamar McKay, the chairman of BP’s US arm, Steve Newman, Transocean’s chief executive, and managers of several other companies involved in the drilling are scheduled to testify in hearings in the US Congress later this week.

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The Gulf Coast Oil Spill: An American Chernobyl?

The World Socialist Web Site writes:
Oil Spillers

With each passing day, the scale of the disaster unleashed by the oil rig explosion in the Gulf of Mexico increases. Somewhere between 5,000 (the official estimate) and 25,000 (the estimate of some scientists) barrels of oil is surging into the Gulf every day.

Before it is over, millions, if not tens of millions of gallons of oil will be washed up on America’s wetlands and shorelines.Eleven workers are already dead in the latest industrial disaster in the American energy industry. Now, the fishing and seafood industry along the Gulf coast may be shut down for years, perhaps even a generation. The destruction of the fragile ecosystems of the region will likely be irreparable.

The disaster implicates one of the world’s largest corporations, British Petroleum, together with partners and subcontractors like Transocean Ltd., operator of the drill rig, and Halliburton, which carried out major operations on the wellhead only a week before the explosion.

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