The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

UPDATE: Boskalis To Build Sand Berms To Protect Louisiana Coast
(Adds detail, CEO comment.)

By Maarten van Tartwijk
Of DOW JONES NEWSWIRES

AMSTERDAM (Dow Jones)


The project was awarded by the State of Louisiana after U.S. President Barack Obama gave his approval for the program, Boskalis said. The deal won't result in a significant financial gain, it added.

A team of U.S. government and independent scientists Tuesday increased their estimate of how much oil is flowing from BP PLC's (BP) damaged well in the Gulf of Mexico. It said that it now estimates that between 35,000 and 60,000 barrels a day are emanating from the well.

"Based on a rough estimate it will take 3 to 4 months to complete the project. But this estimate is surrounded with big uncertainties due to the difficult circumstances", Chief Executive Peter Berdowski told Dow Jones Newswires.

Some environmental experts in the U.S. have voiced concerns about the plan, saying the sand berms won't keep all the oil away from the Louisiana coast and that they might disrupt the ecological system.

"We'll closely monitor possible side effects during the project," Berdowski said. "I admit it's like choosing between two evils and [sand berms] aren't the panacea for the whole problem. But if the oil flows into the marshes it will be nearly impossible to remove it," he added.

Boskalis has some experience in dealing with oil spills: in 2000 it helped cleaning up after the sinking of the oil tanker Erika off the French coast.

I think I must be jewish, I am arrogent, opinionated, right all the time, money before family, skrew the gentiles. Can I get one of those silly black skull caps on ebay.

I like this one what do you think clinic

and they don't need to be black either ..... by the way, i am pretty certain that i am right in saying that covering one's head in synagogue (or elsewhere) only came into practice in the middle ages - adopted from another culture perhaps; i can't remember

incidentally, jewish family usually/often takes precedence over all - as in several other cultures

cynic is this thread about BP. or the history of the jews?

Yep - I'm back to the other thread!

If BP is unable to quantify its liability in respect of this drilling disaster then their auditors may decide to qualify their annual accounts which would make it difficult for some fund managers to buy/hold these shares.

Skinny, on the environmental issues that US appears to be so keen on . . . . . (yr earlier post today).

- - - contrasts with the US devil may care attitude to oil consumption, eh?

Ah but now they have found a Rich Uncle, = Uncle BP.
Ain't life grand?

Quite! - Nothing less than you would expect from them sadly!

quite right hali; i allowed myself to get sidetracked

don't agree with you about accounts being qualified, because just as BP cannot quantify the claim against it, not can anyone else ..... alll that BP can do is make what feels like prudent provision, though you can guarantee that will be nothing like enough

as for the institutions, they are effectively obligated to hold BP for all sorts of pretty obvious reasons

cynic cannot agree auditors sign off company accounts for the benefit of shareholders if they feel the accounts understate potential liabilities they will qualify the accounts they do not need to quantify potential liabilities.Institutions are not all obliged to hold BP shares unless they invest in FTSE constituent shares, if BP stops paying a dividend then many pension funds will look elsewhere for equities with a good yield.

Clubman,

Don't forget the Volvo for those tall hats they wear and a street map of Golders Green.

Bank of America has told their traders not to book deals with BP beyond 30th june 2011.

We used to have lots of them in Manchester but the hoodies, and drug dealers moved in their area's and they left. So hoodies
& dealers do some good.

Here in Thailand they are not tolerated, and would soon be shown the departure door should they, or other groups try to play their race cards as they do in the UK.

oh yawn, big big yawn
aldwickk - i don't squelch but shall choose to ignore the boorishness

hali - interesting snippet, but BoA is not a UK institution .... but why 30th June?

I could seal the hole in a day. stuff it full with all the **** * ****** then cement them in.

Obama will be meeting the BP executives today, looks like he will beat the shite out of them.

sp clearly can't make up its mind whether 340 is a support that will support or fail .... odds must surely be on the latter

I have to wonder what Obama`s attitude would be like if it was an American oil company that caused this disaster? I`m pretty certain he wouldn`t be hanging them out to dry and would encourage the citizens of the US to stick together at during this unfortunate mistake. He`s new in office so has to be seen to be doing something for the American people but I firmly believe the Americans` attitudes would be different had this been a domestic company.

hypothesis, but i doubt it ... in any case, the public sabre-rattling often has little reflection of what is happening behind closed doors