Transocean subsidiary pleas guilty, will pay $1.4 b for oil spill

Gulf oil spill

ZURICH, SWITZERLAND – A subsidiary of Transocean, the world’s largest offshore oil rig company, which has been based in Switzerland since 2008, has agreed to plead guilty to one misdemeanor, according to the company, and to pay $1.4 billion to settle its part in the 2010 Deepwater Horizon oil spill in New Orleans. The spill […]

Oil reaches $100/barrel, Gulf of Mexico drilling starts

US President Barack Obama has approved the first permit for deepwater oil drilling in the Gulf of Mexico after a nine-month shutdown following the April 2010 explosion of the Deepwater Horizon oil rig and the major spill that followed. The moratorium was lifted in October, but the US administration has played it safe and taken […]

USA sues BP and 8 others in Gulf oil spill

The US Justice Department is suing oil giant BP and eight other companies for violations of federal regulations and for failing to prevent the explosion of the Deepwater Horizon oil rig, which resulted in the worst oil spill in US history. Justice Department officials filed the suit 15 December, the last possible day. Civil  and […]

BP shares sink as US pressures oil giant (video)

British Petroleum Oil shares plummeted in early trading in London after the US administration signaled huge penalties, and possible legal action to stop a dividend payment to shareholders amid anger over the oil spill in the Gulf of Mexico. BP Oil shares fell 16 percent on Wall Street and over 11 percent in early trade […]

Transocean reports loss as it faces oil spill accusations

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Zug, Switzerland (GenevaLunch) – Thursday was not a good day for Transocean, the world’s largest offshore oil rig company, which moved its head office to Switzerland in 2008. Company CEO Steve Neweman said, in presenting first quarter financial results, that the accident which caused the loss of the oil rig Deepwater Horizon will increase operating […]

Gulf oil spill continues, 1,000 barrels a day

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New Orleans, Louisiana, USA (GenevaLunch) – The oil spill caused by the sinking of Transocean’s submersible rig Deepwater Horizon 23 April has not been contained, the US Coast Guard says, and some 1,000 tons of crude oil a day continue to leak into the Gulf of Mexico about 5,000 feet below the surface. A US […]