BP to sue two companies for role in Gulf oil spill
Business digest: Oil company announces $40bn suit against Gulf of Mexico oil rig owner Transocean
BP yesterday announced that it was suing Transocean, the owner of the Deepwater Horizon rig, for $40bn. The news came on the last day allowable for claims by companies involved in the Gulf of Mexico oil spill.
Transocean called the suit a "desperate bid" that was "specious and unconscionable".
BP also announced that it would be suing Cameron International, saying that the blowout preventer that they manufactured "failed to work and perform the function it was designed and manufactured to perform".
The Deepwater Horizon rig explosion caused the biggest offshore oil spill in US history. It killed 11 people, dumped 4.9m barrels of oil into the sea, and last year cost BP $17.7bn.
Read a full report at the Daily Telegraph.