Transocean charge points to Macondo settlement

Transocean Ltd took a $1 billion charge related to the 2010 Gulf of Mexico oil spill, the clearest indication yet that the contract driller is preparing to settle the case.

Shares of Transocean, owner of the world's largest offshore drilling fleet, rose 5 percent on its solid quarterly results, out on Monday, and the prospect of closing out a liability that has loomed for nearly two years.

The long-awaited trial over the Macondo well blowout that destroyed the company's Deepwater Horizon rig, which had been working for BP, was delayed by a week on Sunday so the parties could work toward a settlement.

Read Full Article from Reuters

- Posted: 2012-02-27 12:46:22

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