Cameron, Halliburton tumble on ties to Horizon rig

Source: Reuters

Cameron supplied the blowout preventer for the rig, and said on Thursday it was insured for $500 million of liability, if needed. Halliburton said separately it did a variety of work on the rig, owned by Transocean Ltd (RIGN.S)(RIG.N) and contracted out to BP Plc (BP.L).

"Right now all the efforts are really geared around getting this well shut in," Cameron Chief Executive Jack Moore told analysts on a conference call to discuss quarterly results.

The Horizon sank a week ago off the Louisiana coast after a fire and explosion, and the resulting oil leak from the well was described by U.S. Homeland Security Secretary Janet Napolitano as "of national significance" on Thursday.

"I would assume that if one of the BP lawyers could prove that Halliburton or Cameron did something wrong, they could lay off part of the blame," said Mike Breard, an energy analyst with Hodges Capital Management in Dallas.

Read more: http://www.reuters.com/article/idUSTRE63S4M520100429

I would bet that ultimately, the damage may very well be a lot more $500 million.

Knowing that Haliburton was involved makes me feel even more cynical about the safety standards for the rig.

They ought to be taking another long hard look at that terrorism angle.

again. Did the Republicans think that just because it was soldiers that Haliburton screwed over that no one was paying attention. That's right America now it's in our own backyard and this sham of a company who is notorious for cutting corners and shoddy work is about to destroy the LA coastline.

it's as A B C

A. cut corners

B. pocket big profits

C. hope nobody notices

It's not like they haven't had big success with that formula before.