United States offshore drilling debate recently, Russia has begun drilling in the black sea with a Chinese-made oil rig, Scarabeo 9. Since the rig wasn't built in the U.S. and was agreed to before the imposition of additional sanctions by the E.U. in 2014, Russia has been able to avoid sanctions and operate the rig. Offshore facilities pose an environmental risk of oil spills. On April 20, 2010, an underwater blowout and subsequent explosion and fire destroyed the "Deepwater Horizon" rig owned by Transocean Ltd. and operating in the Gulf of Mexico under lease to energy giant BP, resulting in the largest oil spill in
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