Vantage Drilling sues BP over Gulf oil spill-related costs

04/8/2013 | Bloomberg

Vantage Drilling filed a lawsuit against BP, saying it suffered about $265.5 million in cost increases in the aftermath of the 2010 Gulf of Mexico oil spill. Vantage said the incident prompted it to search for replacement funding for its Platinum Explorer deep-water drilling rig. "Vantage's pre-spill financing window slammed shut, bond yields for ultra-deepwater drillship contracting companies such as Vantage spiked, and the post-spill financing terms available to Vantage substantially worsened," said Richard Mithoff, a lawyer representing Vantage.

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