Transocean (NYSE:RIG), Cameron (NYSE:CAM), Anadarko (NYSE:APC), Halliburton (NYSE:HAL) and BP (NYSE:BP) all have a serious stake in the outcome of the salvage operations soon to begin in the Gulf of Mexico of the destroyed Deepwater Horizon oil rig.
While some have expressed doubt concerning the need for the oil companies involved in the Deepwater Horizon accident in the Gulf of Mexico to be those that salvage the wreckage, the diverse and opposite interests of the companies all but assure it'll be one of the most honest operations there can be under the conditions.
Already a number of very public battles of words has ensued between the companies, underscoring the billions at stake, which in some cases with the smaller oil companies above, could drag them into bankruptcy.
Consequently, nobody is going to allow the other to do something which could hurt them in the salvage operation, and so every jot and tittle of the process will be recorded and responded to.
There will also be the presence of the Coast Guard who will help to keep things on the up and up as well.
Some of the things of interest will be first and foremost, the blowout preventer and if it failed. That would link directly to Cameron International, which made the system, and could and will be held liable if that is the ultimate cause of the accident.
Transocean's liability is the rig itself, which it owned and leased to BP, and Halliburton's will be the cementing of the well, which their crew did the work on. Anadarko was a 25 percent partner in the project, and Mitsui was a 10 percent owner.
So salvaging the wrecked Deepwater Horizon will be one of the most important part of the liability issue, as it'll determine the extent of BP's liability in the accident, along with that of the remaining companies too.
1 comment:
BP is cheap and will go up. This is just a temporarily selling. BP is a very well respected company.
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