With this morning’s strong move upward in stocks overall, a little bad coverage can’t wreck the stocks of BP (BP) and Transocean (RIG), the two players at the center of the Gulf of Mexico.
Transocean is up $2.12, or 3%, at $70.14, despite The Wall Street Journal’s Ben Casselman writing this morning that despite being lauded for safety, Transocean’s deep water drilling platforms were responsible for three quarters of all safety incidents that federal investigators looked into since 2008.
Casselman cites both federal data as well as an industry survey of Transocean clients, which shows there was a perceived drop in the firm’s perceived quality and performance.
What’s more, Transocean’s 30% share of deep water rigs was accompanied by a 33% share of the incidents from 2005 through 2007.
Transocean customer BP is up 34 cents this morning at $49.40.
Update: Seems I spoke too soon. Despite the Dow climbing to new heights, the early pop in Transocean has ebbed, and the stock is now down 70 cents, or 1%, at $67.31.
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