A federal judge Thursday said that BP Plc (BP,BP.L) will have to shoulder all costs related to the Deepwater Horizon disaster that struck the Gulf of Mexicio in 2010, thereby lowering the potential liability Transocean Limited (RIG) faces over the incident that claimed 11 lives and caused a horrific oil spill. Following the news, shares of Tranocean, which owned the ill fated rig, rallied more than 9 percent in extended session on the NYSE.
U.S. District Judge Carl Barbier consented to Transocean's view that it not responsible for compensatory damage claims raised by third parties for oil spilled below the ocean surface. But Barbier also said BP need not indemnify Transocean for punitive damages imposed by the US government under its clean water Act.
Commenting on the Judge's decision, Transocean said: "This confirms that BP is responsible for all economic damages caused by the oil that leaked from its Macondo well and discredits BP's ongoing attempts to evade both its contractual and financial obligations."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.