BP Can Access Transocean Oil-Spill Insurance, Appeals Court Says
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BP Plc won an appeals court ruling giving it access to $750 million in Transocean Ltd.’s insurance to pay costs from the 2010 Gulf of Mexico oil spill.
The U.S. Court of Appeals in New Orleans yesterday reversed a decision by U.S. District Judge Carl Barbier barring BP from using the policies. Barbier had ruled that the drilling contract between the companies for the Macondo well precluded BP from seeking coverage under the Transocean policies for pollution-related liabilities.