Thursday, May 06, 2010

Owner of sunken oil rig defends Transocean's safety record

The chief executive of Transocean Ltd., whose drilling rig exploded last month in the Gulf of Mexico and triggered the largest oil spill in North American history, on Thursday defended the company's safety policies. Steven Newman, Transocean's president and chief executive, told industry analysts during a conference call on the company's quarterly earnings that it would be "premature'' and "inappropriate'' to speculate on what caused the April 20 blast that sank the $600 million rig and left 11 crew members missing and presumed dead. Read more:

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