November 16, 2011
NEW ORLEANS ? BP has lost two big rulings in its fight to shield itself from potentially having to pay billions of dollars more in damages related to the worst offshore oil spill in U.S. history.
A federal judge ruled Tuesday that BP is not entitled to coverage for the spill under insurance policies totaling $750 million held by Transocean Ltd., owner of the Deepwater Horizon rig that BP was leasing at the time of last year's Gulf of Mexico disaster.
"Because Transocean did not assume the oil pollution risks pertaining to the Deepwater Horizon incident ? BP did ? Transocean was not required to name BP as an additional insured as to those risks," U.S. District Judge Carl Barbier wrote in his ruling. "Because there is no insurance obligation as to those risks, BP is not an 'insured' ? for those risks. Therefore, BP is not entitled to the declarations of coverage it seeks."
Transocean praised the ruling.
"The court's decision speaks for itself, and if you work for Transocean, it's a great read to boot," spokesman Brian Kennedy said of the insurance ruling.
BP said Tuesday that the insurance ruling didn't in any way address the causes of the accident or who would be held ultimately responsible in court.
The same judge ruled Monday that Alabama and Louisiana could pursue punitive damages against BP and other companies ? a decision that was not a total victory for Alabama and Louisiana. Barbier dismissed some claims in the lawsuits that were based on state laws.
He said federal laws should be sufficient for the states to recover the costs of removing the oil.
A civil trial over hundreds of spill lawsuits is scheduled for February to assign shares of fault to the companies involved and determine whether Transocean can limit what it pays those making claims under maritime law.
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