Transocean Investors Support Spill Liability For Execs

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Transocean shareholders rejected a proposal to release the company's management team from liability tied to the Gulf of Mexico oil spill. Fifty-five percent of shareholders voted against the proposal while 44% voted in favor of it with 1% declining to vote.

Switzerland-based Transocean (RIG) the world's largest provider of offshore drilling services, owned the Deepwater Horizon rig, which exploded on April 20, 2010, killing 11 workers. The tragedy led to the largest oil spill in U.S. history.

The same proposal a year before, to discharge Transocean's board directors and executive officers from liability for activities in 2009, received 94% of the votes, Reuters reported.

In its most recent 10-Q, Transocean was cautious in its assessment of how the spill may impact its financials, saying ''Although we are unable to estimate the full impact that the Macondo well incident will have on our business, the incident could ultimately have a material adverse effect on our consolidated statement of financial position, results of operations or cash flows.''

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