Diamond Offshore Pulled Back Into Asbestos Liability Fight

By Ama Sarfo (June 11, 2013, 5:55 PM EDT) -- A Texas appeals court ruled Tuesday that a drilling rig asset and stock purchase agreement between the predecessors of Diamond Offshore Co. and a NuStar Energy LP subsidiary is too ambiguous to relieve Diamond's potential liability for asbestos suits tied to the rigs.

A trial court had ruled that Diamond's predecessor didn't assume the asbestos liabilities with its purchase and granted the company summary judgment, but the Fourteenth Court of Appeals reversed and remanded the decision, saying a section of the agreement that addresses employee injury claims doesn't explain when the injuries are considered to have occurred and consequently, trigger liability....

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