Transocean Ltd. (RIG)

[Porgie Tirebiter]

Think about it.

By law the liability belongs to BP.

The operation that led to the explosion was being conducted by Haliburton.

The failed blow-out preventer was built by Cameron.

Now moving forward, it's Transocean that has the submersibles needed to conduct underwater operations, inject dispersasnts, and install the containment domes. Releif wells will need to be drilled, and rigs and platforms need to be supplied for that.

In other words, in a great twist of irony, Transocean stands to be paid big bucks by BP in the process of getting this mess fixed.

To say that BP might go after Transocean to share in liability is certainly a good question, which I have no answer for.

But yeah, I'm thinking this is oversold.