BP Oil Disaster - Uupdates
Transocean made $270M profit from their insurance payout.
Transocean Ltd. [..], the owner of the rig leased by BP [..] which is currently leaking oil into the Gulf of Mexico, made a $270 million profit from insurance payouts after the disaster, the Sunday Times reports.
The amount, revealed during a conference call to analysts, was made because its insurance policy for Deepwater Horizon rig was greater than the value of the rig itself, the paper reports. The Times says Transocean has already received cash payment of $401 million and the rest is due in the coming weeks.
Pretty quick insurance payout turn around, isn't it? I'm sure there are a lot of people in New Orleans and environs who would just love to know the secret to actually getting an insurance payout at all, much less in so short a timeframe. Also interesting is how the payout as more than the actual rig was worth and even more interesting is how that money has been turned around as part of a nice, fat $1B dividend to stockholders.
The story behind the oil spill is one of such gross negligence and choosing shortcuts to safety in the name of profits that it's absolutely disgusting to see Transocean profit this way, when we all will be paying the costs of their negligence for years and years to come.
Meanwhile Senate Republicans have stalled legislation that would require oil companies to pay fully for their accidents. Listen to Senator Inhofe (R-Oil Companies) push for Big Oil's ability to make obscene profits over safety:
President Obama made a statement expressing his frustration:
"I am disappointed that an effort to ensure that oil companies pay fully for disasters they cause has stalled in the United States Senate on a partisan basis. This maneuver threatens to leave taxpayers, rather than the oil companies, on the hook for future disasters like the BP oil spill. I urge the Senate Republicans to stop playing special interest politics and join in a bipartisan effort to protect taxpayers and demand accountability from the oil companies.”
Transocean Ltd. [..], the owner of the rig leased by BP [..] which is currently leaking oil into the Gulf of Mexico, made a $270 million profit from insurance payouts after the disaster, the Sunday Times reports.
The amount, revealed during a conference call to analysts, was made because its insurance policy for Deepwater Horizon rig was greater than the value of the rig itself, the paper reports. The Times says Transocean has already received cash payment of $401 million and the rest is due in the coming weeks.
Pretty quick insurance payout turn around, isn't it? I'm sure there are a lot of people in New Orleans and environs who would just love to know the secret to actually getting an insurance payout at all, much less in so short a timeframe. Also interesting is how the payout as more than the actual rig was worth and even more interesting is how that money has been turned around as part of a nice, fat $1B dividend to stockholders.
The story behind the oil spill is one of such gross negligence and choosing shortcuts to safety in the name of profits that it's absolutely disgusting to see Transocean profit this way, when we all will be paying the costs of their negligence for years and years to come.
Meanwhile Senate Republicans have stalled legislation that would require oil companies to pay fully for their accidents. Listen to Senator Inhofe (R-Oil Companies) push for Big Oil's ability to make obscene profits over safety:
Click to viewPresident Obama made a statement expressing his frustration:
"I am disappointed that an effort to ensure that oil companies pay fully for disasters they cause has stalled in the United States Senate on a partisan basis. This maneuver threatens to leave taxpayers, rather than the oil companies, on the hook for future disasters like the BP oil spill. I urge the Senate Republicans to stop playing special interest politics and join in a bipartisan effort to protect taxpayers and demand accountability from the oil companies.”