ZUG, SWITZERLAND, May 13, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that, at
the instruction of its insurers and in order to preserve insurance
coverage, several of its affiliated companies have filed a petition
in U.S. District Court for the Southern District of Texas, in
Houston, under the federal Limitation of Shipowner's Liability Act in
connection with the recent Deepwater Horizon casualty.
Transocean said it believes this step is necessary to protect the
interests of its employees, its shareholders and the company.
The Company noted that one of the primary goals of this filing is to
consolidate in a single court many of the lawsuits that have been
filed following the Deepwater Horizon casualty to initiate an orderly
process for these lawsuits and claims before a single, impartial
federal judge. The filing also would establish a single fund from
which legitimate claims may be paid. Transocean believes this type of
orderly process is in the best interests of all parties involved.
The company emphasized, however, that its focus remains centered on
remediation and meeting the needs of its injured and deceased
employees and their family members during this difficult time -- as
demonstrated by the efforts of its family response team members. The
Company intends to pursue resolution with its employees as quickly as
possible, but out of respect, not before the upcoming memorial
The company also emphasized that this filing does not impact lawsuits
filed under the Oil Pollution Act of 1990 and that it will continue
to provide all possible support to BP and the Unified Command.
Among other things, the complaint asks that the Court issue an
injunction restraining certain lawsuits underway against these
companies in any jurisdiction other than the Southern District of
Texas. The petitioners noted in the complaint that more than 100
lawsuits have been filed against the companies in multiple states and
As set forth under Federal Law, the complaint also asks that the
companies be judged not liable on claims for certain, defined losses
or damages relating to the casualty or, if they are judged to be
liable, that the liability for such claims be limited to the value of
their interest in the Deepwater Horizon rig and its freight including
the accounts receivable and accrued accounts receivable as of April
28, 2010. The petitioners assert in the filing that the entire value
of their interest does not exceed $26,764,083. The petitioning
companies in the action are Triton Asset Leasing GmbH, owner;
Transocean Holdings LLC, contract operator; Transocean Deepwater
Inc., employer of Deepwater Horizon crew, and Transocean Offshore
Deepwater Drilling Inc., employer of land-based crew.
About Transocean Ltd.
Transocean, Ltd. is the world's largest
offshore drilling contractor and the leading provider of drilling
management services worldwide. With a fleet of 139 mobile offshore
drilling units plus three ultra-deepwater units under construction,
Transocean's fleet is considered one of the most modern and versatile
in the world due to its emphasis on technically demanding segments of
the offshore drilling business. Transocean owns or operates a
contract drilling fleet of 45 High-Specification Floaters
(Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles
and drillships), 26 Midwater Floaters, 10 High-Specification Jackups,
55 Standard Jackups and other assets utilized in the support of
offshore drilling activities worldwide.
SOURCE: Transocean Ltd.