Deepwater Horizon explosion Deepwater Horizon explosion The "Deepwater Horizon" drilling rig explosion was the April 20, 2010, explosion and subsequent fire on the "Deepwater Horizon" semi-submersible Mobile Offshore Drilling Unit (MODU), which was owned and operated by Transocean and drilling for BP in the Macondo Prospect oil field about southeast off the Louisiana coast. The explosion and subsequent fire resulted in the sinking of the "Deepwater Horizon" and the deaths of 11 workers; 17 others were injured. The same blowout that caused the explosion also caused a massive offshore oil spill in the Gulf of Mexico, considered the largest accidental marine oil spill
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You