by Jed Lewison
Fri May 14, 2010 at 12:50:04 PM PDT
Aside from the fact that it is the world's biggest offshore drilling contractor and was the operator of the Deepwater Horizon rig that exploded and sank in the Gulf of Mexico, here are three things worth knowing about Transocean:
- In 1999, Transocean moved overseas, leaving its headquarters in Delaware to incorporate in Switzerland (which is bordered on all sides by land) to dodge U.S. taxes. As a result of its move, the company reduced its tax burden by 50%.
- Just yesterday, Transocean cited an 1851 law in a court filing requesting that its liability be limited to $27 million. Transocean claims the law in question limits the total liability of maritime operators to the cost of the vessel that sunk. It has already collected hundreds of millions in insurance.
- Deepwater Horizon was one of 35 Transocean rigs sailing under the flag of the Marshall Islands, known to have weaker safety standards than other nations.