Transocean faces court cases over oil spill

The Zug-based oil drilling company Transocean said on Wednesday it faced a number of lawsuits in connection with the Gulf of Mexico oil leak.

This content was published on May 6, 2010 - 11:54

The suits were lodged in April and May with various federal district courts in the United States.

Transocean is the owner of the Deepwater Horizon oil platform, leased to BP, which caught fire on April 20, allowing hundreds of thousands of litres of oil to flow into the sea and pollute the coast of Louisiana.

The US authorities have asked Transocean to help investigate the cause of the disaster.

The company also announced that its turnover fell to $2.6 billion dollars (SFr 2.9 billion) in the first quarter of 2010 from $3.1 billion in the same period last year, and its earnings before interest and tax (Ebit) were down from $1.32 billion to $926 million.

Orders in March were down from February, and the Gulf of Mexico spill means the group has also lost $590 million worth of contracts with BP which had been due to run until 2013.

Transocean, whose principal office is in Houston, Texas, has been incorporated in Zug since 2008 and has been quoted on the Swiss stock exchange since April 20, the very day of the Deepwater Horizon disaster. and agencies

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