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Hi everyone,

Transocean (RIG) filed a motion in federal court today arguing that BP is trying to get out of the indemnify clauses of its contracts with Transocean. It has always been Transocean's position that all financial damages and clean up for the Macondo well incident should be borne by BP because of those contracts. According to WSJ coverage, "'Why have you signed so many contracts, reviewed by an army of your lawyers and businessmen, that you have no intention of honoring,' it asked in the legal motion. 'The answer is simple: money.'" Wow, a shot right across the bow.

Considering the amount of money at stake, this will be in the courts for a few years I'm thinking.

Earnings release is tomorrow after the market closes with the conference call Thursday morning. Should be interesting.

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