Bad news for RIG. Anybody like it here? Where is support? Transocean (RIG) fell 3% to $45.26. An employee of the company, which owned the now-sunken Deepwater Horizon, said an alarm system on the massive rig had been disabled to avoid people getting woken up in the middle of the night from false alarms. The employee, Michael Williams, said the alarm system, if fully operational, would have warned workers to get out of drilling material handling rooms before two blasts that took place. It's believed that several workers out of the 11 that were killed in the accident died in those rooms, according to a report in The Wall Street Journal.
While an alarm system is definitely negligence towards the deaths of the 11 workers, it doesn't prove RIG was responsible for the oil spill. The damage from the oil spill itself is quite a bit larger than the deaths of the workers (not stating the workers aren't important) Details will be released tuesday with BP's earnings.
I've started building a position in the 40's here for the old IRA acct, I'm sure it will be a long slow road to a double.