Wednesday, June 2, 2010

Transocean (RIG) Update

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Followup on Transocean (RIG) post from May 26th LINK Rig is now stupidly oversold some $10 below last weeks $58 level. The fear remains on the liability end, although Transocean has remained steadfast on it's limitation indemnity and is insured. Yet, the Obama administration has urged a federal judge to reject rig operator Transocean Ltd.'s (RIG) attempt to limit its liability in connection with the Gulf of Mexico oil spill. >>READ Transocean Ltd. said it should pay in a motion filed in federal court in the Southern District of Texas. Citing an 1851 law LINK aimed at shipping mishaps, Transocean said its damages should be limited to $26.7 million in unpaid drilling fees earned before the April 20 explosion, noting the Deepwater Horizon rig is otherwise worth nothing now.

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