Transocean Ltd. Affiliates File Limitation of Liability Petition
ZUG, SWITZERLAND, May 13, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that, atthe instruction of its insurers and in order to preserve insurancecoverage, several of its affiliated companies have filed a petitionin U.S. District Court for the Southern District of Texas, inHouston, under the federal Limitation of Shipowner's Liability Act inconnection with the recent Deepwater Horizon casualty.
Transocean said it believes this step is necessary to protect theinterests of its employees, its shareholders and the company.
The Company noted that one of the primary goals of this filing is toconsolidate in a single court many of the lawsuits that have beenfiled following the Deepwater Horizon casualty to initiate an orderlyprocess for these lawsuits and claims before a single, impartialfederal judge. The filing also would establish a single fund fromwhich legitimate claims may be paid. Transocean believes this type oforderly process is in the best interests of all parties involved.
The company emphasized, however, that its focus remains centered onremediation and meeting the needs of its injured and deceasedemployees and their family members during this difficult time -- asdemonstrated by the efforts of its family response team members. TheCompany intends to pursue resolution with its employees as quickly aspossible, but out of respect, not before the upcoming memorialservice.
The company also emphasized that this filing does not impact lawsuitsfiled under the Oil Pollution Act of 1990 and that it will continueto provide all possible support to BP and the Unified Command.
Among other things, the complaint asks that the Court issue aninjunction restraining certain lawsuits underway against thesecompanies in any jurisdiction other than the Southern District ofTexas. The petitioners noted in the complaint that more than 100lawsuits have been filed against the companies in multiple states andcourts.
As set forth under Federal Law, the complaint also asks that thecompanies be judged not liable on claims for certain, defined lossesor damages relating to the casualty or, if they are judged to beliable, that the liability for such claims be limited to the value oftheir interest in the Deepwater Horizon rig and its freight includingthe accounts receivable and accrued accounts receivable as of April28, 2010. The petitioners assert in the filing that the entire valueof their interest does not exceed $26,764,083. The petitioningcompanies in the action are Triton Asset Leasing GmbH, owner;Transocean Holdings LLC, contract operator; Transocean DeepwaterInc., employer of Deepwater Horizon crew, and Transocean OffshoreDeepwater Drilling Inc., employer of land-based crew.
About Transocean Ltd. Transocean, Ltd. is the world's largestoffshore drilling contractor and the leading provider of drillingmanagement services worldwide. With a fleet of 139 mobile offshoredrilling units plus three ultra-deepwater units under construction,Transocean's fleet is considered one of the most modern and versatilein the world due to its emphasis on technically demanding segments ofthe offshore drilling business. Transocean owns or operates acontract drilling fleet of 45 High-Specification Floaters(Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersiblesand drillships), 26 Midwater Floaters, 10 High-Specification Jackups,55 Standard Jackups and other assets utilized in the support ofoffshore drilling activities worldwide.
SOURCE: Transocean Ltd.