• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Shale Oil Fiasco
  • 30 mins USA v China. Which is 'best'?
  • 15 mins Everything you think you know about economics is WRONG!
  • 1 day Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 9 hours Quotes from the Widowmaker
  • 18 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 1 day Offshore is changing
  • 2 days READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation Test Wells . . Shale going bust . . . LAUGHABLE
  • 15 hours True Confessions of a Billionaire
OPEC+ Agrees To Deeper Output Cuts

OPEC+ Agrees To Deeper Output Cuts

The OPEC meeting ended with…

Why Oil Prices Just Jumped

Why Oil Prices Just Jumped

Oil prices recovered somewhat on…

Transocean Pleads Guilty to Deepwater Horizon Charges

The operator of the deep-water Horizon oil rig which blew up and sank in the Gulf of Mexico nearly three years ago has become the second company to plead guilty to criminal charges regarding the incident.

On Thursday Brad Brian, Transocean’s (NYSE: RIG) lawyer, stood up in the New Orelans federal court to address US District Judge Jane Triche Milazzo and deliver a plea of guilty with regards to a misdemeanour charge of violating the Clean Water Act.

Asked, “does the company wish to plead guilty because it is guilty?”

Brian replied, “yes, your honour.”

Stating that his clients had nothing further to add, and in the light of a now show from the representatives of three victims who were set to speak at the hearing, the Judge Milazzo ordered a brief recess to determine her verdict.

Related article: BP Energy Outlook 2030: Nothing more than Wishful Thinking

On return from the recess Judge Milazzo approved the criminal settlement that Transocean had previously agreed with the Justice Department, quickly imposing a sentence of a five year probationary period, along with a $400 million penalty.

Two weeks ago BP pleaded guilty to the charges laid against them and were ordered to pay a $4 billion penalty on top of their five years on probation.

One of the reasons for the vast difference in the penalties awarded is due to the fact that Transocean did not face any charges in connection to the deaths of 11 workers who were killed on the rig.

Federal prosecutors also stated that Transocean’s actions only amounted to negligence, as they were operating under the instruction and supervision of BP, therefore rejecting the verdict and pushing for a larger penalty would be virtually useless.

Transocean now await the verdict of a separate court case to determine their guilt in relation to civil charges; they have already agreed to pay a $1 billion penalty.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play