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The Deepwater Horizon drilling rig accident that took place last month has already cost Transocean Ltd. a staggering $1.3 billion – but a new federal court petition in Houston, Texas, could drastically limit what the oil equipment leasing company may pay in damages. While 11 workers were killed and many more were seriously injured in the offshore accident, Transocean could limit its liability to a mere $27 million: the post-accident value of the rig and its contents.
According to the Wall Street Journal and the Associated Press, Transocean will file a petition in the U.S. District Court in Houston tomorrow asking a federal judge to limit their financial accountability for the recent oil rig accident under the Limitation of Liability Act of 1851. Initially passed to help American vessels compete against foreign ships long before the existence of insurance, many maritime lawyers believe the limitation of liability statute is outdated and obsolete. Currently, although the petition is rarely successful in actually limiting liability, vessel owners use the law to further complicate litigation, keep their case away from a jury, and generally gain more control over the legal process in the weeks and months after an accident.
Whatever the outcome of the limitation of liability petition, it is vital that those with potential Transocean accident lawsuits educate themselves thoroughly regarding the Deepwater Horizon explosion.
To learn more about your Deepwater Horizon drilling rig disaster case, consult these resources:
