Congress

May 13, 2010 2:51 PM

Transocean, doomed rig's owner, seeks to limit its liability

Invoking a little-known maritime law passed in 1851, the company said it should not have to pay any more than $27 million — the salvage value of the charred oil rig and its freight, all of which sank in 5,000 feet of water after the April 20 explosion that killed 11 workers. Before the accident, the Deepwater Horizon was valued at more than $500 million.

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