Transocean Issues Update on Macondo Incident
ZUG, SWITZERLAND, Apr 21, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that anaffiliate of BP plc on April 20, 2011 filed a cross-claim againstTransocean entities in the existing Multi-District Litigationproceeding in the U.S. District Court, Eastern District of Louisianafor contribution pursuant to the Oil Pollution Act of 1990. Pursuantto an order of the court, co-defendants in a consolidated proceedingrelated to the Macondo well incident were required to file claims byApril 20, 2011.
To protect its rights, Transocean also filed cross-claims against BPentities and other parties involved in the Macondo well incident toenforce its indemnification rights.
Under the drilling contract for Deepwater Horizon, BP has agreed,among other things, to assume full responsibility for and defend,release and indemnify Transocean from any loss, expense, claim, fine,penalty or liability for pollution or contamination, includingcontrol and removal thereof, arising out of or connected withoperations under the contract. Transocean expects BP to honor itscontractual indemnification obligations under the contract. TheDeepwater Horizon drilling contract with BP can be found in thecompany's August 4, 2010 10Q filing with the SEC.
About Transocean Transocean is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 137 mobile offshore drilling units as wellas one ultra-deepwater newbuild drillship and threehigh-specification jackups under construction, Transocean's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Transocean owns or operates a contract drillingfleet of 47 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, nine High-Specification Jackups, 53 Standard Jackups andother assets utilized in the support of offshore drilling activitiesworldwide.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.