Transocean exonerated from liabilty in BP Gulf Oil Spill

Tim Probert (r.) of Halliburton is sworn in along with officials from BP and Transocean before May 11 Senate hearings on the Gulf oil spill.

Published on Fri, 01/27/2012 - 11:25 

By FNNO Staff 

Halliburton (NYSE:HAL) is advancing (click title to entry - thank you) after a judge ruled that Transocean (NYSE:RIG) will not have to pay any clean up costs and economic losses caused by the 2010 Gulf oil spill. Transocean's indemnity agreement with BP (NYSE:BP) protects the company from having to pay compensatory damages, the judge found.

Meanwhile, BP has sued Halliburton, which was the cement contractor for the well that triggered the Gulf spill, for all of the damages and costs caused by the disaster. Similar to Transocean, Halliburton has countered by saying that its contract with BP indemnifies it from all damage claims related to the disaster.

In mid-morning trading, Halliburton gained $1.09, or 3.01%, to $37.25, while Transocean rose $0.89, or 1.88%, to $48.15 and BP fell $1, or 2.23%, to $43.77....