Nearly 12 years after Hurricane Rita ripped through the Gulf of Mexico, a Texas jury Friday ordered an insurer to pay over $41 million to an oil company that lost an offshore oil-drilling platform and well, including $28 million in punitive damages and more than $1.6 million in attorney fees.
The six-week trial revolved around claims by Houston-based equity firm Prime Natural Resources that the well’s insurer, Lloyd’s of London, improperly refused to reimburse some of the expenses it incurred to repair and replace it.
