BPs Reputation Takes a Beating Post-Transocean Oil Rig Explosion « Houston Accident Attorney | Texas Personal Injury Lawyer Houston

BPs Reputation Takes a Beating Post-Transocean Oil Rig Explosion

BP is looking at major financial and reputational costs from the Transocean oil rig explosion.

The size of the leak is increasing by the hour, and comparisons are being drawn between the Transocean Gulf of Mexico oil leak and the Exxon Valdez oil spill in Alaska, believed to be the largest on record.

The federal administration has offered all help to BP, including military help, in containing the spill. BP has also been desperate for all the help it can get. The company has admitted that it owns responsibility for the cleanup, and the federal administration has told BP that it will ultimately be responsible for all the costs associated with the cleanup efforts. Those costs are already running into the millions of dollars, and there is no indication yet of when the spill will be contained and the waters cleaned up. The Exxon Valdez oil spill cleanup efforts cost Exxon Mobile more than $4 billion. BP says it is currently spending approximately $6 million on the cleanup.

The financial costs incurred in the cleanup are not even counting the financial damage awaiting BP, as it faces an increasing number of lawsuits filed by Transocean offshore workers, as well as commercial fishermen and shrimpers whose livelihoods will be affected when the oil slick reaches Gulf Coast shorelines.

The financial costs emanating from the tragedy are the least of BP’s concerns. It faces a major crisis in terms of its reputation. The company has barely recovered from the massive oil refinery explosion at its Texas City refinery in 2005. This year marks the fifth anniversary of that explosion which killed 15 workers. The Texas refinery explosion was followed by an oil leak in Alaska in 2006. These incidents have already tarnished the company’s image in the eyes of a public, which has, since the recession, become increasingly hostile to major corporations and their selfish ways. The impact from the oil spill will also impact any future expansion ambitions that BP may have, especially in the Gulf of Mexico region.

The offshore injury lawyers at our Houston-based maritime injury firm, are monitoring events surrounding the Transocean oil rig explosion in the Gulf of Mexico, very closely. Offshore injury attorney Brian Beckcom is currently representing many injured offshore workers in lawsuits against Transocean and British Petroleum.

Our firm’s websites are being updated several times a day with legal developments and other news related to the Transocean oil rig explosion. Visit our websites for valuable information and advice about your offshore injury claim.