Deepwater Horizon: revving up for the trial

Filings are starting before trial among BP and the contractors Halliburton and Transocean over blame in the Deepwater Horizon blast in April 2010, which killed 11 workers and led to 206m US gallons (780m litres) of crude oil escaping into the Gulf of Mexico. So far, BP, the majority owner of the Macondo well, has footed the bill for the emergency response and cleanup. Also involved are Anadarko Petroleum and Cameron International.
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The first trial over the disaster is scheduled to start 27 February in New Orleans. It is expected to last three months and determine the liability of each company involved in drilling the Macondo well. There will be other phases over cleanup costs, punitive damages and other claims.

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Deepwater Horizon: normalized activity in 2011

Transocean's "customer relationships have not suffered" because of the company's involvement in the Deepwater Horizon disaster, Chief Executive
Steven L. Newman said. Geneva-based Transocean owned the Deepwater Horizon, which was leased to BP PLC to drill its Macondo well in the Gulf of Mexico.

The uncertainty surrounding U.S. offshore drilling, particularly in deepwater, will have a "limited near-term financial impact" on Transocean, which has 12 rigs in the Gulf of Mexico, Newman said. The company expects the slowdown in Gulf drilling permits to reduce fourth quarter revenue by about $200 million.

Transocean expects "normalized" activity in the Gulf by mid 2011

The story that has unfolded so far indicated the need for "top to bottom" reform of the companies according to William K. Reilly, co-chairman of the presidential commission.