BP sues rig owners for US 40 billion

BP is sueing Transocean, the owner of the Deepwater Oil rig, for US$ 40billion for losses incurred over the explosion a year ago, that killed 11 people and caused devastation in the Gulf of Mexico. BP argues that the rig was not seaworthy and all the standard safety checks failed.

BP is also launching a separate action against Cameron International, the makers of the Blow Out preventor, which failed to work and caused the largest offshore oilspill in US history.

BP has established a compensation fund of US$ 21 billion dollars but estimates liabilitites coming in at double that and wishes to spread the liability, if it's partners were to blame, either partially or completely and had to file these claims before the one year deadline for making them was up last Wednesday.

A story to run and run, the only winners being the legal Indutry.