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Transocean books $1bn Macondo charge - FT.com

Transocean, the owner of the drilling rig at the centre of the BP oil spill in the Gulf of Mexico, fell steeply into the red last year and announced a $1bn charge for the accident, in what analysts said was the first indication the company was preparing to settle.

The world's largest driller of deepwater wells attributed the annual net loss of $5.63bn to a $5.2bn non-cash charge resulting from a goodwill impairment associated with its drilling unit and an estimated $1bn loss from the spill, both of which were booked in the fourth quarter of 2011.

Transocean said the estimated $1bn charge for the spill was a reasonable assessment "at this time", but cautioned that the figure could be adjusted as new information came to light.

The company is locked in a bitter battle with BP and others over liability for the disaster in April 2010, which killed 11 workers and spilt more than 4m barrels of oil into gulf waters from the ruptured Macondo well.

by Nomad on Mon Feb 27th, 2012 at 02:50:55 PM EST
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