St. Joe Co. Sues Halliburton Over Gulf Spill
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St. Joe Co. Sues Halliburton Over Gulf Spill
By Samantha Bomkamp
Florida real estate developer St. Joe Co. is suing Halliburton Co. over its role in the rig explosion that led to the massive oil spill in the Gulf of Mexico.
St. Joe said late Wednesday that Halliburton, which was responsible for encasing BP PLC’s subsea well in cement, ignored safety procedures and didn’t properly manage the cementing process. In deepwater drilling, cementing is a critical element in preventing oil and gas from escaping from the well.
“As a result, the cementing failed, allowing oil and gas to escape the well which caused the catastrophic blowout,” St. Joe said. The cause of the blowout has not yet officially been determined. Multiple investigations are ongoing.
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Related reading:
St. Joe’s Largest Investor: Bruce Berkowitz, Fairholme Funds – Wikipedia
St. Joe Company Proxy – 5.11.2010
