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
Economic effects of the Deepwater Horizon oil spill the total liability could amount to as much as by the conclusion of the disaster. Financial analysts commented that BP was capable of addressing the potential liabilities that might result, and BP stock rose slightly on the news that the initial compensation fund had been agreed. On 5 July 2010, BP reported that its own expenditures on the oil spill had reached $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. As of 1 October 2010, BP has spent $11.2 billion. As of March 2012, BP