If this clears, we have a serious problem. If they don't like to accept their responsibilities, then get out of the business.
Transocean Ltd., the owner and operator of the Deepwater Horizon drilling rig that burned and sank last month, unleashing a massive oil leak into the Gulf of Mexico, will Thursday file in federal court a petition to limit its liability to just under $27 million, according to a person familiar with the company's plans and a copy of the filing seen by Dow Jones Newswires.
The world's biggest offshore driller is filing the request in the U.S. District Court in Houston under a century-and-a-half-old law originally aimed at helping U.S. ship owners compete with foreign-flagged vessels. While the company may not succeed in limiting its financial liability, the filing could give Transocean an edge in what could be a lengthy, multipronged legal battle against claims for damages from the accident that killed 11 workers.
