Transocean Seeks To Cap Oil Spill Liability At $27M

Law360, New York (May 13, 2010, 11:57 AM EDT) -- Facing pressure from their insurers, several Transocean Ltd. units moved Thursday to limit to about $27 million their potential liability for the BP PLC-operated Deepwater Horizon rig blast that has spewed thousands of barrels of oil into the Gulf of Mexico.

The complaint, filed in the U.S. District Court for the Southern District of Texas, seeks protection from the more than 100 suits the Transocean units already face over the spill, which by early projections may cost more than $3 billion to clean up.

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