FBR Capital: BP court battle with firms over Macondo 'not worth the risk'

摘要

Despite BP PLC's effort in its internal report to blame contractors for mistakes leading to the Macondo well blowout in the Gulf of Mexico, the amount the British major might recover may not be "worth the additional financial and reputational risk" of a protracted legal battle, said analysts at FBR Capital Markets & Co, Arlington, VA. BP's recent report on the causes of the blowout and oil spill was critical of drilling contractor Transocean Ltd and Halliburton Co that did the original cement work for sealing the well. However, FBR analysts acknowledged that the issues are incredibly complex. Transocean seems to be protected both by the law and by its contract with BP from bearing substantial liability for the spill. Under the Oil Pollution Act of 1990, Transocean is not responsible for pollution emanating from the well.