Tag: Transocean

Kiran Stacey

The report into the Gulf oil spill, a chapter of which was released last night, made for pretty grim reading for BP and the other companies involved.

It said:

Most of the mistakes and oversights at Macondo can be traced back to a single overarching failure – a failure of management. Better management by BP, Halliburton, and Transocean would almost certainly have prevented the blow-out.

Kiran Stacey

The journalist Andy Rowell wrote a blog last night asking “BP will survive, but what about the others?” He was specifically talking about the rest of the oil industry in north America, but the immediate fallout could yet cause further damage to the other two companies directly involved in the gulf oil spill: Halliburton and Transocean.

Transocean received a reminder that the pain has not yet eneded last month when Moody’s downgraded its credit rating from Baa2 to Baa3. Last night Kenneth Austin from Moody’s explained the ratings agency’s thinking.

“Regardless of the responsibility that Transocean will bear for the Macondo blowout, we do not believe that its risk profile reflects a Baa2 ratings.”

Ed Crooks

Now we come to what the BP team believes were the causes of the accident, and the first company in the line of fire is Halliburton, which was the contractor responsible for the cement job to seal the well.

There is a heavy emphasis placed on the cement “foam”: cement injected with nitrogen to make it lighter, to avoid damaging the rock formation of the reservoir and making it harder to subsequently produce oil.

Sheila McNulty

Testimony this week in the US Coast Guard and Bureau for Ocean Energy Management investigation has often been tedious and repetitive.

Lawyers, representing more than a dozen clients, are asking the same questions, leading to those overseeing the proceedings to jump in repeatedly, trying to speed things up. But these are top lawyers, used to getting their way, and so the investigators relent, and the testimony drones on. On Tuesday it went over 10 hours.

That said, some nuggets have cropped up. So for those who can withstand the testimony, making it through the day with frequent trips to the back of the room for the hot coffee on offer, the hearing is worth attending. For those who cannot be there in person, it can be watched online.

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