Deepwater Horizon Owners Move to Limit Liability to $26.8 Million

HOUSTON - The owners and operators of the Deepwater Horizon oil rig that exploded and sank in the Gulf of Mexico on April 20 asked a federal court on May 13 to limit their liability to the value of their ownership as allowed under a federal "Limitation of Liability" act in effect since 1851. In re The Complaint and Petition of Triton Asset Leasing GmbH, et al., No. 4:10-cv-01721 (S.D. Texas).

BP PLC, which had a contract with the owners/operators for oil extraction, was not a party to the petition.

Triton Asset Leasing GmbH, Transocean Holdings LLC and other parties …