Wednesday, September 15, 2010

Transocean (NYSE:RIG) CEO Says BP (NYSE:BP) "Generally Correct" on Report

In somewhat of a turnaround, Transocean (NYSE:RIG) chief executive officer Steven Newman said today that he agreed with the "general conclusion" of the recently released BP (NYSE:BP) report on the series of events which ultimately led to the Deepwater Horizon oil rig explosion.

At a conference held by Barclays Capital (NYSE:BCS) in New York, Newman said, "I agree with the general conclusion of BP's report that this was a combination of events."

After the report was released, Newman said it was "self-serving" to BP, and that "BP made a series of cost-saving decisions that increased risk - in some cases, severely."

Halliburton (NYSE:HAL), which have particularly and strongly pointed out for the alleged failure of their cement work in the incident, also blasted the BP report.

BP said there were a series of eight failures which resulted in the explosion on the oil rig owned by Transocean but operated by BP.

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