Wednesday, September 8, 2010

Halliburton (NYSE:HAL), Transocean (NYSE:RIG) Blast BP (NYSE:BP) Report

Not long after the contents of the BP (NYSE:BP) report on the causes which led to the explosion on the Deepwater Horizon oil rig, Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) blasted the report.

The general conclusion of BP was the blame for the failure was spread across 8 different situations, all of which led to the accident. Both Transocean and Halliburton were cited as part of that failure.

Transocean who has continually said BP was "irresponsible" in the situation, said the BP report was "self-serving." Halliburton said the report was far from completed, and had "substantial omissions and inaccuracies."

What this is all about of course is liability, and since BP has been held almost totally responsible, if others are identified as having failed in their part in any way, BP will probably be collecting money from them to help pay for the liability costs.

The companies would also probably have an increased series of lawsuits instigated against them.

This is only the first word concerning the causes of the event, and it'll take some time to sort out and see how accurate the BP report is considered, and if others will share more in paying for it.

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