St. Joe Company sues Halliburton for its role in BP oil gusher

The St. Joe Company has filed a lawsuit against the Halliburton Company for its role in the Deepwater Horizon Oil Spill.
Halliburton was the cementing contractor for the Macondo well that blew out on April 20th resulting in the largest oil spill in U.S. history.
St. Joe, which owns 577,000 acres in Florida, 70 percent of which are within 15 miles of the coast of the Gulf of Mexico, says its stock price declined by over 40 percent in the days following the oil rig explosion.
According to the lawsuit, Halliburton was grossly negligent in its management of the well cementing process and failed at every stage to cement the well in accordance with applicable regulations, industry standards, and its own best practices.
St Joe claims that because Halliburton intentionally opted for a faster, cheaper and inferior process of completing the final stages of the cement process the cementing failed, allowing oil and gas to escape the well which caused the catastrophic blowout.
St. Joe's President Britt Greene said Halliburton is among those parties that should accept responsibility for the accident adding that the company’s lawsuit represents a first step in achieving a full recovery for the damages suffered by St. Joe.



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