Nice to know that some have made massive profits from the Gulf of Mexico oil spill which killed eleven people and which created a massive spill that will cost billions of dollars to clean up.
The Times reports that Transocean, the world's biggest offshore driller which owned the oil rig, will make a $270 million profit from the insurance payout. It seems the $560m insurance policy Transocean took out on the rig was greater than the value of the rig itself. According to The Times, Transocean has already received a cash payment of $401m and the balance is due in the next few weeks.
Now it does raise certain questions. The company was in line for a windfall because it had over insured. How careful do you think it would be?
Even more alarming is the report from The Wall Street Journal showing that Transocean had a bad record with accidents. According to the WSJ, three of every four incidents that triggered federal investigations into safety and other problems on deepwater drilling rigs in the Gulf of Mexico since 2008 were on rigs operated by Transocean.
no comment untill now