Transocean Defends $1 Billion Insurance Tower in Gulf Spill Litigation

In mid-March 2011, Transocean and its operating subsidiaries petitioned in federal court to intervene on behalf of its underwriters, Ranger and a Lloyd’s syndicate, against BP, Anadarko, and Moex, as the oil producers sought to recover damages from the tragic Macondo blowout and oil spill last year. The same day, on March 16, Moex, a subsidiary of the big Japanese trading and investment house Mitsui, filed a complaint against Transocean in support of BP and Anadarko.