Transocean Says BP Win Would Exhaust Its Spill Coverage

Law360, New York (December 19, 2012, 4:55 PM EST) -- Transocean Ltd. on Tuesday told the Fifth Circuit it should reject BP PLC’s arguments that Transocean’s insurers are obligated to cover BP’s costs from the Deepwater Horizon oil spill, saying no money would remain to cover its own liability.

In a brief rebutting some of BP’s points presented during oral arguments Dec. 3, Transocean argued that the drilling contract between the companies negates BP’s ability to collect compensation for the spill from Ranger Insurance Ltd. and Lloyd’s of London underwriters, among other Transocean insurers.

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