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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