StockMarketWire.com - Oil giant BP must cover some but not all of rig owner Transocean's liabilities for the 2010 blowout in the Gulf of Mexico, a US judge has ruled.

BP says the ruling by the US District Court makes it clear that contractors will be held accountable for their actions under the law.

While all official investigations have concluded that Transocean played a causal role in the accident, the contractor has long contended it is fully indemnified by BP for the liabilities resulting from the oil spill.

The court rejected this view.

BP says that under the decision Transocean is, at a minimum, financially responsible for any punitive damages, fines and penalties flowing from its own conduct.

A statement by BP says: "As we have said from the beginning, Transocean cannot avoid its responsibility for this accident.

"By contrast, since the spill we have stepped up, acknowledged our role and paid more than $7.8bn in claims, advances and other payments to individuals, businesses and governments." Story provided by StockMarketWire.com