Transocean (RIG), owner of the Deepwater Horizon rig that exploded on April 20, said Monday it had addressed 90% of the recommendations made in a BP (BP) audit before the accident.
"Overall rig maintenance aboard the Deepwater Horizon met or exceeded regulatory and industry standards and, according to documents and testimony today by BP's own executives, the rig was found to be fit, strong and prepared for operations in the Gulf," Transocean told the Financial Times.
The accident on April 20 killed 11 workers and ruptured the Macondo oil well, which began spewing crude oil into the Gulf of Mexico in America's worst-ever environmental disaster
Transocean was responding to the focus of an investigative hearing in Houston that BP's audit found 390 overdue maintenance problems on the rig in September of last year. The audit also found that Transocean's bonus structure, for some staff, was related to "rig uptime" – as opposed to time when the rig was shut down for maintenance.
A BP employee testified on Monday that Transocean was still working through the maintenance issues when BP gave the go-ahead to use the rig on the Macondo well.
The audit identified issues including problems with doors that were meant to be watertight and problems with an emergency shutdown panel.
Introduction to ETFs
The basics of Exchange Traded Funds and why ETFs are hot.View Course »