ADVFN - Advanced Financial Network.
HOME» NYSE » T » RIG Stock Price » RIG Stock News

Transocean Share News

 Transocean Ltd Stock Price
RIG Stock Price
 Transocean Ltd Stock Chart
RIG Stock Chart
 Transocean Ltd Stock News
RIG Stock News
 Transocean Ltd Company Information
RIG Company Information
 Transocean Ltd Stock Trades
RIG Stock Trades

US Chemical Safety Board: Offshore Drillers Focus on Wrong Safety Data

HOUSTON--A federal safety agency has determined that the offshore-drilling industry is relying on the wrong data in its quest to prevent major accidents like the 2010 Deepwater Horizon blowout. Offshore oil and gas drillers put too much emphasis on items such as individual worker injuries while neglecting better indicators of danger, such as the number of near-misses a drilling rig experiences or whether safety equipment are maintained on schedule, according to preliminary findings of the U.S. Chemical Safety Board's investigation of the Deepwater Horizon incident. "Personal-injury data can give a misleading picture of the safety of an operation since those accidents typically don't correspond to major accidents," said Don Holmstrom, the agency's lead investigator. "Areas such as incident investigation, change management and equipment maintenance need to be a focus over and above personal injury and prevention." The agency's verdict is part of a wide response among U.S. regulators to the blast in April 2010 that sank a Transocean Ltd. (RIG) drilling rig leased by BP Plc (BP) in the U.S. Gulf of Mexico, killing 11 and unleashing the worst offshore oil spill in U.S. history. The CSB typically investigates accidents at chemical plants and refineries, but a Congressional committee asked it to compare the Deepwater Horizon disaster to the lethal 2005 explosion at BP's Texas City refinery. The CSB's safety investigation on the Texas City incident led to widespread changes in petrochemical industrial processes. Some in the offshore industry have resisted the agency's efforts, saying it lacks jurisdiction over offshore matters. Transocean is fighting subpoenas by the CSB to interview its employees, an issue that is pending before a federal judge in Houston. In its report and in papers to be presented by experts during two days of conferences starting Monday in Houston, the CSB said that the offshore-energy business in the U.S. has not done nearly enough to bring its operating procedures up to par with those found in the North Sea and other offshore-exploration areas. U.S. regulators don't require companies to report all incidents that lead to the release of oil or gas, and also don't require the reporting of "kicks," instances where there's a significant surge in pressure from a well that could lead to a blowout, according to a paper by Andrew Hopkins, a professor at the Australian National University. But regulators in Norway and Australia require all hydrocarbon releases, even small ones, to be reported as well as all kicks. Tracking such incidents, how quickly crews respond to them and whether companies keep key safety equipment maintained on schedule could give a better picture of how well prepared operators are to handle actual risks, according to Mr. Hopkins. The industry's emphasis on personal injuries led Transocean to report 2010 as its best year ever for safety performance, based in large part on the number of incidents it was required to report to regulators for every 200,000 employee hours worked. The company issued large bonuses to top executives because of the safety performance figures but later donated the bonus money to a fund for the families of victims of the Deepwater Horizon blast. After the Deepwater Horizon catastrophe, the U.S. energy industry created the Center for Offshore Safety to develop new standards for offshore exploration and production. The center's director, Charlie Williams, is expected to testify about the group's work on Tuesday. The CSB will release specific safety recommendations for equipment related to the accident, including the blowout preventer, later this year. The blowout preventer is a valve that controls the flow of oil and gas out of a submarine well; it failed during the Deepwater Horizon incident. Write to Tom Fowler at tom.fowler@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Transocean (RIG)
DateTimeHeadline
10/16/201406:42:38Transocean Files 8K - Other Events
10/15/201417:34:32Transocean Files 8K - Regulation FD
09/05/201412:49:15LONDON MARKETS: BP Outperforms, RBS Drops In London Trade
08/07/201409:43:14U.S. Hot Stocks: Hot Stocks to Watch
07/02/201416:41:26Transocean Files 8K - Direct Or Off-Balance Sheet Financial Obligation
07/02/201416:41:26Transocean Files 8K - Termination Of Definitive Agreement
07/02/201416:41:26Transocean Files 8K - Entry Into Definitive Agreement
06/05/201421:12:20Investigators Fault Blowout Preventer in Deepwater Horizon Oil...
05/19/201417:10:15Transocean Files 8K - Changes To Articles
05/19/201417:10:15Transocean Files 8K - Changes Executive Management
05/08/201411:19:52Correction to Wednesday's Transocean Earnings Story
05/05/201419:17:39Transocean Ltd to Spin Off 8 Drilling Rigs Into New Company
02/27/201413:13:06MARKET SNAPSHOT: U.S. Stocks Rise; S&P 500 Eyes 1,850 Record
02/27/201410:58:13MARKET SNAPSHOT: U.S. Stocks Volatile; Yellen Speaks Before Senate
02/27/201409:36:24Hot Stocks: Hot Stocks to Watch
02/26/201419:17:10Sembcorp Marine Gets $1.08 Billion in Contracts from Transocean...
02/26/201418:40:02Transocean 4th-Quarter Net Down 49% on Higher Costs
11/15/201309:19:39Omega Advisors 3Q 13F: Largest Purchases
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-

Transocean and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad