Thursday, September 16, 2010

Transocean (NYSE:RIG) Seeking to Limit BP (NYSE:BP) Oil Spill Liability

The trial to decide on whether or not Transocean (NYSE:RIG) will be allowed to limit its liability in relationship to the BP (NYSE:BP) oil spill could start in September 2011.

Transocean asserts that under maritime law its financial liability in the case should be capped at $26.7 million. The parameters of the law are exposure is limited to the value of the cargo of the ship and the ship's value itself.

There are other cases as well which will be ultimately be considered test cases, with eight possible suits being designated as such in relationship to the maritime law mentioned above, the Oil Pollution Act, and a wrongful death claim.

Which cases will be designated at trial cases will be decided by plaintiffs' lawyers.

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