5th Circ. Upholds Engineer's Win In $500M Chevron Rig Suit
Law360 (April 17, 2019, 10:34 PM EDT) -- The Fifth Circuit on Wednesday affirmed the dismissal of Lloyd’s of London underwriters’ claims that engineering firm FloaTEC LLC should be held liable for the $500 million they paid to Chevron following the failure of an offshore oil rig, saying those claims are clearly barred by a provision in the energy giant’s insurance policy.
After covering Chevron’s massive financial losses from the 2015 failure of the “Big Foot” rig in the Gulf of Mexico, the Lloyd’s underwriters had filed a subrogation action against FloaTEC and others in an effort to recover their insurance payout. Through subrogation, an insurer essentially “steps into...
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