Posted by: Lawyer Sanders | May 7, 2010

Kentucky environmental attorney Sanders says Transocean Ltd receives $401 million in insurance payments for lost oil rig; losses are mounting for company.

Transocean Ltd. received $401 million in insurance payments for an oil rig that exploded and sank two weeks ago in the Gulf of Mexico. Transocean also said in a regulatory filing that it has recieved a request from the Justice Department to preserve information about the rig explosion on April 20. Company executives have been asked to participate in congressional hearings.

Eleven people died in the explosion on the Deepwater Horizon. The well it was drilling also ruptured and has been gushing an estimated 210,000 gallons of oil each day.

Transocean also said that net income tumbled 28 percent in the first three months of the year. The company cited lower contract revenues for rigs that both drill in deeper waters and those that drill closer to shore.  The results do not include charges related to the Deepwater Horizon rig, which Transocean leased to BP PLC. 

Big losses keep mounting from oil disaster.

Transocean, the world’s largest offshore drilling contractor, reported that net income fell to $677 million, or $2.09 a share, from $942 million, or $2.93 per share, a year ago.

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