Gulf oil leak weighs heavily on Transocean profits

5th August 2010, Comments 0 comments

Transocean reports an 11 percent fall in profits due to costs from its sunken Gulf of Mexico rig, though the companys share price rises following US government comments about the clean-up of the biggest oil spill in American history. The Zug-based drilling contractor is battling BP over responsibility for the Deepwater Horizon disaster and lawsuits delay a cash distribution to shareholders.

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