re: #584 Rightwingconspirator

Nice to see some detail.

Note that Transocean has collected $481 million from a $560 million insurance policy on the Deepwater Horizon rig which was under contract to BP.

Here is the kicker, though, while Transocean share price is down about 24% since the accident, (NYSE:RIG) BP’s contract for the rig indemnifies Transocean against all environmental clean-up costs and legal damages. This according to Transocean CEO Steven L. Newman on a conference call.) This is why BP appears on the hook for everything.

The disaster does raise the premiums Transocean is currently negotiating, no surprise there.