This statement was made on 26 January 2012 in response to the court ruling issued the same day. The full judge’s Opinion can be read here:

www.laed.uscourts.gov/OilSpill/OilSpill.htm

Today's ruling makes clear that contractors will be held accountable for their actions under the law. While all official investigations have concluded that Transocean played a causal role in the accident, the contractor has long contended it is fully indemnified by BP for the liabilities resulting from the oil spill. The Court rejected this view.

Under the decision Transocean is, at a minimum, financially responsible for any punitive damages, fines and penalties flowing from its own conduct. As we have said from the beginning, Transocean cannot avoid its responsibility for this accident.

By contrast, since the spill we have stepped up, acknowledged our role and paid more than $7.8 billion in claims, advances and other payments to individuals, businesses and governments.

Tags: BP PLC