BP's 5th Circ. Win Heats Up $750M Transocean Coverage Row

Law360, New York (March 4, 2013, 8:11 PM EST) -- The Fifth Circuit ruled Friday that BP PLC can tap into Transocean Ltd.'s $750 million in coverage for the Deepwater Horizon oil spill, a decision experts say will intensify the energy giant's tug-of-war with Transocean over insurance proceeds in district court, where carriers have asked for guidance on how to handle payouts.

The appeals court overturned U.S. District Judge Carl Barbier's holding that indemnity provisions in BP's drilling contract with rig owner Transocean blocked the oil giant from receiving coverage under Transocean's insurance policies for the...
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