The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Making More Money on the Explosion

May 31, 2010

Transocean, the company that owns the Deepwater Horizon oil rig, transferred an extra one billion dollars in dividends to its shareholders on May 14, several weeks after the start of the oil spill, as the question of its liability for the spill was still under investigation.

Both BP and Transocean are immensely profitable companies. BP’s first quarter profits went up 135%, more than double, compared to a year ago, from 2.4 billion dollars to 5.7 billion dollars. Transocean made 677 million dollars in profits for the first quarter. The company also boldly announced that it expects to make a 270-million-dollar profit from insurance on the rig – because it was insured for more than it was worth!

These huge profits are blood money made off the deaths of 11 workers who died in the rig explosion, and the lost livelihoods of countless thousands more around the Gulf. Haliburton managed to get its hands in the bloody till as well.