NEW YORK (TheStreet) -- Shares of Transocean (RIG) rose 0.68% to $38.31 in morning trading Thursday after a federal judge ruled on the offshore driller's responsibility in the Gulf of Mexico oil spill in 2010.
"BP's (BP) conduct was reckless," U.S. District Judge Carl Barbier wrote in a decision in New Orleans federal court on Thursday. "Transocean's conduct was negligent. Halliburton's (HAL) conduct was negligent."
Barbier placed 67% of the blame with BP, 30% with Transocean and 3% with Halliburton.
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The decision could force BP to pay billions of dollars, according to Bloomberg.
More than 7 million shares of Transocean had changed hands as of 11:45 a.m., compared to the average volume of 5,084,450.
Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a "buy" with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, compelling growth in net income, attractive valuation levels, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."