Transocean Ltd. (RIG) Chief Executive Steven Newman said Wednesday he accepts the broad findings of BP's (BP, BP.LN) investigation into the events leading to the explosion on the Deepwater Horizon rig.
Transocean Ltd. (RIG) Chief Executive Steven Newman said Wednesday he
accepts the broad findings of BP's (BP, BP.LN) investigation into the events
leading to the explosion on the Deepwater Horizon rig.
"I agree with the general conclusion of BP's report that this was a
combination of events," Newman said, speaking at the Barclays Capital
Energy/Power Conference in
New York
.
BP's report, released earlier this month, found that eight mistakes led to the
explosion, which killed 11 workers and caused oil to gush into the Gulf for
months. However, the oil company pinned most of the blame for the accident on
its contractors, including Transocean.
At the time, Transocean called the report "self-serving," adding that
"BP made a series of cost-saving decisions that increased risk - in some
cases, severely."
Newman said he doesn't expect the federal government to extend a moratorium on
deepwater drilling in the
Gulf of Mexico
beyond Nov. 30. The lifting of the moratorium should allow Transocean to keep
customers from walking away from long-term rig contracts. Several oil and gas
companies have declared force majeure on their rig leases, a move Transocean
has disputed.
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