May 18, 2010

Transocean pays stockholders $1 billion

In what it says is a move to protect the interests of its employees, shareholders and the company, Transocean Ltd., the owner of the oil rig that sunk off the Gulf of Mexico, is asking a court to limit its liability for the accident to $27 million. 

“Transocean believes this type of orderly process is in the best interests of all parties involved,” the company’s statement said.

Meanwhile Transocean made $270M in profit from insurance on the blowout.

On top of that Transocean's issued a press release stating that they had approved a $1 billion dollar dividend to their stockholders.  

The best interest of all parties involved - indeed. 
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