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BP and Transocean shares shrug off oil spill report

first_img SHARES in BP and Transocean have risen in trading despite the publication of the US Presidential panel report that spreads the blame for the country’s worst-ever oil spill.Investors are betting that the companies will avoid a highly costly gross negligence charge in spite of the report’s findings.BP’s London-listed shares were up one per cent to 504 pence in trading this afternoon, while Transocean’s US-listed shares were up 1.8 per cent at $74.57 (47.9p). The STOXX 600 European oil and gas sector index was up 1 per cent, on higher oil prices.The report blamed the rig blast and subsequent spill on bad decision-making by BP, drilling contractor Transocean and well cementer Halliburton, which it said highlighted bad industry practice and regulatory shortcomings.Halliburton shares traded down 1.4 per cent at $38.86 after the report accused the company of using an unproven cement mix to seal the well, which subsequently blew out. The company denied the accusation.Investors and analysts said the fact that the blame for the blowout was shared so widely suggested BP and Transocean were less likely to be pinned with a allegation of gross negligence.Under US law, BP faces fines of $5bn because the spill happened on its exploration block.However, the fines could rise above $21bn if Europe’s second-largest oil company by market value was found to have been grossly negligent in the run-up to the blast.Peter Hitchens, oil analyst at Panmure Gordon, said comments made in the report that the management failure which caused the explosion on the Deepwater Horizon rig reflected industry-wide flaws, also made BP appear less culpable.And while the report was damning, Richard Griffith, analyst at Evolution Securities said it could also mean BP can offload some of the costs of cleaning up the spill onto its contractors.“The report may provide grounds for BP to claw back monies from licence partners and possibly Transocean and Halliburton,” he said in a research note.BP shares have gained over 60 per cent since falling below 300 pence at the height of the crisis in June last year. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Thursday 6 January 2011 11:48 am alison.lock Tags: NULL BP and Transocean shares shrug off oil spill report center_img Show Comments ▼ whatsapp Share whatsapp More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img read more

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