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Rig firm's $270m profit from deadly spill

Rig firm's $270m profit from deadly spill --Transocean has already received a cash payment of $401m with the rest due in the next few weeks. 09 May 2010 The owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270m (£182m) profit from insurance payouts for the disaster. The revelation by Transocean, the world’s biggest offshore driller, will add to the political storm over the disaster. The company was hired by BP to drill the well. The "accounting gain" arose because the $560m insurance policy Transocean took out on its Deepwater Horizon rig was greater than the value of the rig itself. [WHY are the Transocean executive offices still standing? We need the Athens protesters to 'find' them.]

Comments

These Execs will get bonuses far greater than these "earnings" from this disaster of unparalleled magnitude alone . . . 

How ironically idiotic . . . and yet true can a statement be . . . 

Read it again . . .