CHICAGO, Sept. 7, 2011 /PRNewswire/ -- Zacks.com announces
the list of stocks featured in the Analyst Blog. Every day the
Zacks Equity Research analysts discuss the latest news and events
impacting stocks and the financial markets. Stocks recently
featured in the blog include: Halliburton Co. (NYSE: HAL),
BP plc (NYSE: BP), Transocean Ltd (NYSE: RIG),
Cameron International Corp. (NYSE: CAM) and Canadian
Solar Inc. (Nasdaq: CSIQ).
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Here are highlights from Tuesday's Analyst Blog:
GoM Oil Spill: Halliburton Sues BP
Major oilfield services provider Halliburton Co. (NYSE:
HAL) has filed a suit in the Texas
state court against British energy giant BP plc (NYSE: BP)
accusing it of negligent misrepresentation, business disparagement
and defamation related to last year's Deepwater Horizon rig
disaster. The Texas-based company,
which provided cementing job for the Macondo well in the
Gulf of Mexico (GoM), has blamed
BP of concealing key information that led to the biggest
environmental catastrophe in U.S. history.
As a reminder, on April 20, 2010,
offshore driller Transocean Ltd's (NYSE: RIG)
ultra-deepwater Horizon drilling platform, contracted to BP, sank
following an explosion while operating in the U.S. GoM off the
coast of Louisiana.
The incident killed 11 workers and spewed more than 200 million
gallons of crude in what is touted as the country's worst oil spill
ever. Subsequently, a moratorium was imposed on offshore drilling
at water depths of more than 500 feet in the region, which was
lifted on October 12, 2010.
The lawsuit filed by Halliburton alleges that BP – the owner of
the Macondo well with a 65% interest – provided wrong information
about the actual location of oil and gas producing zones in the
well prior to the cementing services performed by Halliburton.
Earlier in April this year, BP filed suits in the New Orleans federal court against two of its
contractors – Transocean and Cameron International Corp.
(NYSE: CAM) – seeking billions of dollars in damages and other
costs. The London-based group has
accused Transocean and Cameron of negligence.
On the other hand, Transocean has pinpointed the root causes of
the explosion as being tied to the BP's 'poor' design of the well.
BP overlooked the risks associated with the Macondo well and
did not communicate the danger, alleges Transocean. The drilling
contractor's report goes on to say that BP, together with
Halliburton, was to be blamed for the 'poor cement job' that
allowed the oil/gas to burst through the reservoir and reach the
rig, causing the explosion.
Now, with Halliburton seeking to deflect the accusation to its
employer, the legal battle over who is to blame for the accident
gets more intense. According to reports, a federal trial is
scheduled for next year to assess the degree of fault and the
quantum of liability that lies with the companies.
Canadian Solar Modules in Germany
One of the world's largest solar companies, Canadian Solar
Inc. (Nasdaq: CSIQ) has supplied its high quality solar modules
for Germany's largest solar power
plant which is built by GP JOULE GmbH ("GP JOULE").
Built on a 152 hectare surface in the Southern Brandenburg
region of Eastern Germany, the
open-space solar power plant has a specified output of 70 megawatt
(MW). GP JOULE has installed approximately 306,000 solar modules on
four fields located in a former lignite mining strip in the East
German city of Meuro near Senftenberg.
The plant is expected to power 17,500 households with green
energy. The project is financed by HSH Nordbank, Unlimited Energy
and Luxcara.
With four locations in Northern and Southern Germany as well as international
offices in North America,
France and Italy, GP JOULE is a leading international
engineering, procurement and construction and project development
company. Besides supporting its customers throughout all phases of
a project, it looks after completed plants once they are
operational. GP JOULE has also established a knowledge pool that
brings together the know-how from all their specialist departments
and allows it to create comprehensive energy solutions.
Canadian Solar and GP JOULE have worked together since 2009.
Recently, they announced a 97MW supply agreement under which
Canadian Solar will supply its high performance solar modules to GP
Joule, with all deliveries to occur before December 31, 2011.
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