No need for 6-month deepwater drill ban: Transocean

LONDON (BestGrowthStock) – A six-month moratorium on deepwater drilling after the Gulf of Mexico oil spill is not necessary, the chief executive of Transocean Ltd said on Tuesday.

Transocean is the company that owns the BP-leased rig that exploded in the Gulf of Mexico in April, triggering the biggest ever U.S. environmental disaster and prompting the moratorium on deep sea oil drilling.

“I think there are things the administration could implement that would allow the industry to go back to work tomorrow without an arbitrary six-month time lag,” Transocean CEO Steven Newman told reporters on the sidelines of an oil industry conference in London on Tuesday.

Newman withheld judgment on rig operator BP in contrast to part owner of the well Anadarko Petroleum Corp, which at the weekend described BP’s behavior before the rig blowout as “reckless.”

BP said it strongly disagreed with Anadarko’s view.

Newman said he was not leaping to any conclusions.

“It is subject to a continuing investigation,” he said.

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(Reporting by Alex Lawler and Emma Farge, writing by Barbara Lewis; Editing by Keiron Henderson)

No need for 6-month deepwater drill ban: Transocean