Transocean Says BP Is On Its Own In $7.8B Deepwater Deal

Law360, New York (June 3, 2013, 1:07 PM EDT) -- Transocean Ltd. told a Louisiana federal judge on Friday that its drilling contract with BP PLC releases the company from any obligation to pay for Deepwater Horizon spill-related damages as part of BP's $7.8 billion economic and property damages settlement.

BP is required under the contract to indemnify Transocean for any claims brought by third parties, even if Transocean is found grossly negligent for it's role in the 2010 rig explosion and massive oil spill in the Gulf of Mexico, according to Transocean's motion for partial...
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