Transocean May Recover Deepwater Horizon Rig

Source: Bloomberg 2/28/2011, Location: North America

Transocean Ltd., the world’s largest offshore oil driller, may attempt to recover some or all of the Deepwater Horizon rig that exploded and sank during last year’s Macondo well disaster.

The wreckage, about a mile beneath the surface of the Gulf of Mexico, was surveyed in response to a Dec. 6 request from the U.S. Coast Guard to remove diesel fuel that remains trapped in tanks aboard the rig, Transocean said today in a public filing.

The company is reviewing the results of the survey and has a $140 million wreck-removal insurance policy to cover the costs, according to the filing.

BP Plc’s Macondo well erupted in April, killing 11 rig workers, injuring 17 and triggering the most-extensive offshore crude spill in U.S. history. BP was leasing the vessel from Vernier, Switzerland-based Transocean for about $500,000 a day at the time of the catastrophe.

Transocean rose $1.83, or 2.21 percent, to $84.63 at 4:00 p.m. in New York Stock Exchange composite trading. The shares lost 10 percent of their value since the April 20 incident.

Last week, Transocean posted its biggest quarterly loss in eight years after a surfeit of rigs used to drill for natural gas in coastal waters reduced rental rates.

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

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