BP Can’t Collect Part of Gulf Spill Costs From Transocean
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BP Plc can’t collect from Transocean Ltd. part of the $40 billion in cleanup costs and economic losses caused by the 2010 oil well blowout and Gulf of Mexico spill, a judge ruled. Transocean shares rose on the news.
BP must indemnify Transocean for pollution-related economic damage claims under its drilling contract, U.S. District Judge Carl Barbier in New Orleans ruled yesterday. London-based BP sued Transocean in April to recover a share of its damages and costs from the spill.