That’s how much Transocean Ltd. said it should pay in a motion filed on Thursday 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 April 20 explosion, noting the Deepwater Horizon rig is otherwise worth nothing now.
The Limitation of Liability Act of 1851 states that the owner of a ship — or, in this case, offshore oil rig — is only liable for the value of the ship post-accident. This is the same law the owners of the Titanic used to limit their liability.
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