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.
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.
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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