The company that owns the sunken drilling rig oozing oil into the Gulf of Mexico is counting on a 150-year-old maritime law to limit its damages. To a mere $26.7 million. That's how much Transocean said it should pay in a motion filed in federal court in the Southern District of Texas. Citing an 1851 law aimed at shipping mishaps, Transocean said its damages should be limited to $26.7 million in unpaid drilling fees earned before the explosion, noting the Deepwater Horizon rig is otherwise worth nothing now.
Transocean Tries to Cut Future Oil-Spill Losses to $27 Million
The National Law Journal
May 14, 2010