BP shares gain on oil spill report
by Associated Press
Published: September 8,2010
Tags: disaster, energy, environment, investing, investments, markets, offshore drilling, oil and gas, oil spill, stocks and bonds
LONDON — Shares in BP PLC have extended gains after the release of an internal report on the disastrous oil spill in the Gulf of Mexico that deflects much of the blame onto contractor Transocean.
The stock was up 2 percent at 414.95 pence ($6.41) shortly after the report was made public today.
BP fulfils analysts’ expectations by taking some of the blame for April 20 explosion on the Deepwater Horizon rig that killed 11 workers and started off the worst oil spill in U.S. history.
But it also points the finger at Transocean, saying the company’s rig crew failed to recognise and act on conditions that led to the accident.
Analysts believe that successfully shifting the focus of culpability toward Transocean will help erode investor expectations of gross negligence litigation.
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