A anhandle developer, St. Joe Company on Wednesday filed a lawsuit against Halliburton for its role in the biggest oil spill in U.S. history, saying its stock has dropped 40 percent because of the Gulf of Mexico oil spill.
St. Joe, which owns 577,000 acres in Florida, filed suit in a Delaware court seeking damages as the paper company-turned-developer seeks to recover losses brought on by the threat of oil soaked beaches. About 70 percent of St. Joe’s Florida holdings lie within 15 miles of the Gulf of Mexico.
“We believe that Halliburton was grossly negligent and bears full responsibility for this tragic accident,” William A. Brewer III, lead counsel for St. Joe, said in a statement. “We believe Halliburton’s participation in the cementing process – and the company’s willful disregard of important safety measures – make it liable for the Deepwater Horizon Oil Spill and the catastrophic damages that it caused.”
The lawsuit claims Halliburton, one of the world’s largest cementing companies, committed numerous errors when pouring the casing for the BP Deepwater Horizon well. Among a litany of complaints, the suit says Halliburton opted for a faster, less expensive procedure to finish its work and did not use enough centralizers to secure the work.
The company reported that the explosion took place 20 hours after it had finished its work on the Deepwater rig. Cement used in the procedure usually sets within 18 to 24 hours.
“Halliburton has not seen this lawsuit yet,” said spokeswoman Teresa Wong. “But from the information we have seen in the media so far, it appears to be without merit and we will vigorously defend it.
By Michael Peltier
The News Service of Florida
