Sign in to comment!

Menu
Home

Disasters

Transocean CEO: cement work, casing at root of oil rig explosion in Gulf of Mexico

WASHINGTON (AP) — The CEO of the company that owned the oil drilling rig that exploded in the Gulf of Mexico says the accident was caused by a failure of its cementing, casing or perhaps both.

Transocean Ltd. CEO Steven Newman said at a Senate hearing Tuesday that the April 20 explosion of the Deepwater Horizon rig was unusual because it happened after construction of the well was essentially complete.

He said that the explosion that killed 11 workers could not have happened unless the cement, well casing — or both of those elements — failed. The rig sank and has been gushing oil into the Gulf.

Newman dismissed suggestions that a blowout preventer owned by Transocean may have been a cause.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.23% up 4.19%  
15 Y Fixed Graph 3.26% dw 3.27%  
30 Y Fixed Jumbo Graph 4.62% dw 4.64%  
5/1 ARM Graph 3.70% up 3.38%  
5/1 Jumbo ARM Graph 4.07% up 4.01%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.29% -- 4.29%  
$50K HELOC Graph 4.04% -- 4.04%  
$30K Loan Graph 5.09% up 5.08%  
$50K Loan Graph 4.52% -- 4.52%  
$75K Loan Graph 4.52% -- 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% dw 3.47%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 2.99% up 2.98%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% -- 0.35%  
1 yr Graph 0.69% up 0.68%  
5 yr Graph 1.39% -- 1.39%