Replies to post #321 on Transocean Ltd. (RIG)

[eastunder]

UPDATE 1-Obama unchanged on offshore drilling despite spill
Fri Apr 23, 2010 12:03pm EDTStocks


WASHINGTON, April 23 (Reuters) - U.S. President Barack Obama has no plans to reconsider his proposal for new offshore oil drilling in the aftermath of an oil spill in the Gulf of Mexico, the White House said on Friday.

White House spokesman Robert Gibbs said the administration had taken swift action to ensure the safety of workers and the environment after the spill, which on Thursday measured one mile by five miles (1.6 km by 8 km).

Asked whether Obama had second thoughts on offshore drilling, Gibbs said, "No."

Obama still believes that "we have to have a comprehensive solution to our energy problems," and the spill did not open up new questions about his drilling plan, he said.

"We've taken swift action to ensure the safety of those that are there and to ensure the safety to the environment by capping the exploratory well," Gibbs said.

"We need the increased production. The president still continues to believe the great majority of that can be done safely, securely and without any harm to the environment," he said.

Oil appears not to be flowing from the sunken drilling rig and damaged well in the Gulf of Mexico, but hope was dimming as search continued for 11 workers missing in the disaster, the U.S. Coast Guard said on Friday.

The Transocean Ltd (RIG.N) Deepwater Horizon sank Thursday after burning since Tuesday following an explosion while trying to temporarily cap a new well drilled for BP Plc (BP.L) 42 miles (68 km) southeast of Venice, Louisiana.

(Reporting by Matt Spetalnick; Editing by Will Dunham)

[JPK1]

Jen, still here, imo this is holding up well with the negative fire/spill/press. Thought there would be a much bigger shake, I was hoping to ride the oil trade into July.We are near the 3 month high, going to set a stop loss and see what happens next week or so, GLTA here

[Trueheart]

I sold my position, as you know.

The company not only faces law suits but bad press for some time. I would suppose that the ship is covered by insurance. Then there is the repair of the well site and down time.

Looks pretty negative, in my opinion.

Trueheart