Wednesday, August 25, 2010

Transocean (NYSE:RIG) Survivor: No Idea Rig Wasn't Safe

Daun Winslow, Transocean (NYSE:RIG) performance division manager, who was on the Deepwater Horizon oil rig when it exploded, testified before an investigative panel entailing the Coast Guard and Bureau of Ocean Energy Management, Regulation and Enforcement, saying there was no clue that the oil rig had problems before it exploded.

When queried on the conditions before the blast, Winslow said, "I wouldn't have been down in the smoke area, having a cup of coffee" if it had been known.

After surviving the original blast which killed eleven workers, Winslow ended up being in charge of the battle to extinguish the fire and figure out a way to shut down the damaged well.

When asked about worker concerns over the pressure, Winslow said if that was the case, they should have shut it down.

"Whatever you do you don't continue forward until you understand that," said Winslow.

Inquiries continue into the cause and circumstances surrounding the explosion and what caused it and why precautions in place didn't protect it from further damage.

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