NEW YORK (
-- which owned and operated the Deepwater Horizon drilling rig that exploded and sank in late April, leading to 11 fatalities and a devastating
in the Gulf of Mexico -- is planning to file a federal court petition on Thursday to put a cap on its legal liability to slightly under $27 million, a report says.
The filing is being made with the U.S. District Court in Houston under a law dating back more than a century and a half, originally created to help U.S. ship owners compete with foreign vessels, according to
Dow Jones Newswires
Transocean is facing dozens of state and federal lawsuits over damages resulting from the oil spill; in the meantime,
, which had leased the rig involved in the spill, is required to foot the bill for cleaning up the mess, the report says, citing government officials.
-- Reported by Andrea Tse in New York
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